USDJPY Short - Elliott Wave Count
Here we see USDJPY already broke the uptrend it was on and looks like it started its trend now. We see the elliott wave cycle where it made 5 waves down and the ABC retracement, reaching the 50% fib level.
At this 50% level we see a lot of confluences that indicate price could reverse. It is a zone where there has been previous support/resistance, and also we see the candles are showing a lot of wicks, and are rejecting that zone, indicating a loss of momentum and potential reversal.
We should trade this to the -27% fib extension, and you could take partial profits at 0%. Stop Loss should go above resistance.
At this 50% level we see a lot of confluences that indicate price could reverse. It is a zone where there has been previous support/resistance, and also we see the candles are showing a lot of wicks, and are rejecting that zone, indicating a loss of momentum and potential reversal.
We should trade this to the -27% fib extension, and you could take partial profits at 0%. Stop Loss should go above resistance.
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