From the low of 109.80, a 5-wave movement reached a high of 111.85. This was followed by a 3-wave correction that ended at 110.38. That was also the 62% Fibonacci correction of the 5-wave advance. From the low of B, we have seen a small rally followed by a small correction. Could what is going to unfold be the 3rd of the C wave? This could be the ABC 5-3-5 Zig Zag . MACD has started to turn up.
The reward could be at the 127% of Fibonacci at 112.40. The risk management stop could be place at 110.75, which is the recent correction low, the risk / reward is good for this trade. Trade duration is expected to be 3-4 days.
The reward could be at the 127% of Fibonacci at 112.40. The risk management stop could be place at 110.75, which is the recent correction low, the risk / reward is good for this trade. Trade duration is expected to be 3-4 days.
Comment:
USD/JPY just move above 111.85. Hope it is on its way to 112.40. Time as well to do some risk management adjustment.
