USDJPY SELL (CONTINUATION)

Following the Elliott Wave Theory, the third wave seems to have completed. Wave 2 was a sharp (zig zag) correction, anticipating wave four to be sideways (flat) correction. Wave 3 looks to have extended, traveling ~315 pips, wave 1 traveled ~181 pips. This is why I anticipate wave 5 to travel about the same length as wave 1.

Really just watching this pair before I enter on a sell. I believe the news of the coronavirus initiated the initial sell.

Trade active:

Took partial profit at 106.98 for ~100 pips. Will close out all at 106.28.

Trade closed: target reached