USDJPY Forecast - Elliott Wave + Flag Breakout + Head&Shoulders

Short

U.S. Dollar / Japanese Yen (OANDA:USDJPY)

Updated

OANDA:USDJPY U.S. Dollar / Japanese Yen

short elliottwaves flag flagpattern fibonacci headandshoulders usdjpy downtrend forecast forex

There are some incredibly tasty trading opportunities on USDJPY this week. I've combined my ideas of the flag breakout with my basic knowledge of Elliott Wave Theory, which give me a bearish sentiment for this week. Additionally, we have just broken through the neckline of the head&shoulders pattern and have just retraced to test it. My stop loss is tight above the neckline and above a .628 retracement of price. If price breaks above 111.720 then my Elliott ideas have been counted wrong, which would also invalidated the trade. We also have the trend on our side, which should help the price down.

Please give me feedback since this is my first time counting Elliott Waves!

Trade active:

Alright, it's come up and hit out entry

Comment:

After a strong move down we are getting very close to the target. If this period of consolidation we are in can breakout then we will almost certainly hit profit!

Trade closed: target reached:

The market moved as we predicted easily hitting targets

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