USDJPY - Descending Channel w/ Possible Bull Activity Later
As we can see USDJPY is currently in a descending channel. And heading towards a major support level near 126.00 and 125.00. To further confirm the bearish sentiment the pair seems to be in formation of wave 5 of the Elliott Wave Theory. For the short portion of this trade I look to take profit around 126.500. After heading down for a short term sell we may see some bullish activity, but will have to wait for it to break out of the descending channel for more confirmation.
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