FX Chance Currency Next Week 26.10.31 USDYEN, Sell Waiting Zone for Rebound

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Every weekend I introduce one currency that will present a trading opportunity for the coming week based on a line I draw myself.

■ This Week's Focus: USDYEN (1-hour chart)

・Scenario: Wait for a reaction after pulling to the "sell waiting zone" around 157.65–157.80, then sell once the chart pattern confirms

・Withdrawal guideline: If it clearly breaks above near 157.80, this scenario will be set aside

・Target: Ahead of the 3rd wave (downward). Interim reference points are the daily line near 157.14 and the 1-hour line near 156.65

■ Last Week's Review

This is GBPUSD (4-hour chart) from last week.

I pulled it to the buy waiting zone, watched the reaction, and bought. As expected, it turned into a big trade with a 100 pips gain.

■ This Week's Chart (Overview)

The current location is

・Current price around 157.55

・Top-right S5 (pink) indicates the downward third wave on the 1-hour chart

・We are currently rebounding from the recent low. The pink box is the sell waiting zone (phase ①)

・Around the zone, horizontal lines and trendlines from the 4-hour and 1-hour charts are clustered

■ Elliott Wave Explanation

・The pink numbers on the diagram (1, 2, 3) are the Elliott waves counted on the 1-hour chart

・We moved down from the high of 1 to the low of 2, and are now retracing toward 3

・Position 3 corresponds to the waiting zone for phase ① (around 157.65–157.80)

・The target is ahead of wave 3. If it stops at 3 and moves downward, that’s the assumed shape

・The next milestones are the daily line near 157.14 and the 1-hour line near 156.65

・Conversely, if 3 clearly breaks above, the counting of waves changes, so we will stay observant