we have a minute correction of the overall bearish bias for USDJPY. On larger timeframes we are inside an ABC correction and within that their are 5 waves. We can expect UJ to either tough around 107.400 before continuing down or maybe slightly higher. This will be a short opportunity, I won't be countertrend trading the correction.
I post these charts knowing that many have small accounts therefore the stop loss I use is much smaller than my own. If you have a larger account that allows for risk management to accommodate larger stops please do so, its impossible to be right all the time.
I post these charts knowing that many have small accounts therefore the stop loss I use is much smaller than my own. If you have a larger account that allows for risk management to accommodate larger stops please do so, its impossible to be right all the time.
Trade closed: target reached:
Target was reached. After price completes its consolidation, I will be looking for a short position following a break.
