USDJPY Pending Short at 146.32In this idea, I have plotted all the necessary information on the chart itself. But allow me to point them out in words:
1. A resistance zone drawn with a rectangle that shows 5 red down arrows, out of which 4 are historical price rejection points and the last one is an expected rejection point at the top of the resistance zone which will be our short entry.
2. An Elliott Wave count update that shows a double combination wave 2 showing that we are now in a C wave of the double combination Y wave.
3. 3 different trendlines: The purple is expected to break, the blue is where price is expected to be rejected that will coincide with the top of the resistance zone, and the green which will be our stop loss if break above.
4. A take short position risk-reward plot where SL is set is initially set up at 147.187 but this should really be following the green trendline, and a TP that is initially set at the blue H&S neckline at 141.042 (see previous USDJPY idea for the big picture H&S plot).
Overall, I am expecting a final push for USDJPY to move up that will be in-line with the equity markets last leg up) and then a higher degree wave 3 down for USDJPY that will also be in-line with equity markets downturn.
Good luck!
