USDJPY been putting in a series of LL's and LH's confirming that we are in a drowntrend. Looking for price to now complete its complex pullback and put in the next LH and continue down. I have a equal measued move coming from the recent Low @ 110.600, also a fib extension from the first leg on of the equal measured move and a fib inversion of the retracement move. The fib extension, fib inversion and the fib retracement all give me a clear area of where price action may start to sell off at. Will be looking for entrys on a smaller timeframe.
Targeting the previous lows.
Stops placed above resistance level @ 111.558 with a slight buffer.
Risk to reward for this trade is 1.97:1
Equal Measured move = Purple
Fib Extension = Orange
Fib Inversion = Light Blue
Fib Retracement = Yellow
Targeting the previous lows.
Stops placed above resistance level @ 111.558 with a slight buffer.
Risk to reward for this trade is 1.97:1
Equal Measured move = Purple
Fib Extension = Orange
Fib Inversion = Light Blue
Fib Retracement = Yellow