Usdjpysell
USDJPY ABC correction in formation?USDJPY has completed 5 impulse waves. 1-5.
Based on the formation, we'll have a C leg down soon completing the ABC correction.
USDJPY double top. We've a double top on UJ. coinciding this with Elliot wave ABC correction, we're going down from here.
USDJPY Sell Trade (My View)A Quick Short Here With USDJPY Is Looking Very Nice: Fib Indicates TP 1$2
USDJPY buy from current levelUSDJPY buy from current level
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USDJPY Holding Below 105.71See Signposts for key price action details.
After price crossed below this level for the first time, it made an attempt to trade above it. This did not succeed.
We are expecting further downside, but we are seeing a slight uptick in the dollar index (DXY) in the short run.
The 1-hour chart is also a concern as price is holding just below this level for a bit longer than desired. Largely monitor for the time being.
USDJPY ANALYSIS ANALYSIS
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DAILY TF: BULLISH CANDLES SHOWING WEAK MOMENTUM
4HR TF: BREAK OF RECENT LOWER HIGH
1HR: RECENT HIGHER LOW BROKEN
PLAN OF ACTION
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- WAIT FOR RETRACEMENT/ CORRECTION PHASE ON THE 1HR TF TO COMPLETE BEFORE TAKING SELLS
- IF OPPORTUNITY PRESENTS ITSELF, WE CAN TAKE THE ANTI-TREND BUY TRADES
ENTRY REASON
--------------------
- BREAK OF CORRECTION PHASE
STOP LOSS @ TO BE DETERMINED AFTER CORRECTION
TAKE PROFIT @ NEXT ZONE
USD/JPY Short to 0.618 FibThis may be a risky one but looking to jump on a short from current price down to 0.618 Fibonacci as I was previously aiming for. There is support between current price and that target which it has just rebounded from, that is what makes this risky. Also JPY has been weak recently so this may be a risk not worth taking for some people.
TP - 104.264
USD/JPY Look For Further DropThis plummeted yesterday and this morning which made for a great trade on yesterdays idea to short. This is now at support so I expect some hold up at this point with a slight retrace before potentially breaking through the next support.
I do not expect much resistance to breaking this support so a short can be taken on the retrace at around 105 would be good. This approach is also to make up for the small risk/reward of the trade if I took the normal approach of entering after breaking support and entering on the retest.
TP is at 0.618 Fibonacci - 104.264
USDJPY Running PositionUSDJPY short was entered with absolute precision. Currently running in profit and SL has been moved to break even. This is a swing so all risk must be removed as soon as possible. Risk free trade.
Follow for more analysis.
