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cheesywedges

Study of Elliot Wave on USDJPY, retracing to $105.6

Short
U.S. Dollar / Japanese Yen (OANDA:USDJPY)  
cheesywedges  
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Elliott Wave
5
1
elliottwaves
Looks like there is a very obvious Elliot Wave on the USDJPY on the 4H timeframe, but it does not fully follow the rules on the ABC Correction Wave. Things look bullish on the chart, but if we bring out the MACD, Stoch and RSI,

* MACD Histogram is lower than the previous candle
* Stoch D>K
* RSI > 60 and close lower than previous candle
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