USDJPY short continuation: UJ to test 112 ?

UJ looks to be finishing a 5 wave impulse down.

Not sure what the risk sentiment will be to open the week, so watching equities and gold for clues.

Regardless of risk sentiment, the downard momentum looks strong, so I expect one more dip yet.

Commentaire:

Pretty good progress thus far, but we have hit a cluster of support fibs

those bands ended wave 3 previously. I am hoping their energy has been reduced and that we can cut through them after a small bounce going into London Open.

Commentaire:

Sure enough, that fib cluster held price

and held it until US stock markets started recovering, which sent UJ up past resistance. My trailimg stop got hit after some profit, but the plan is now kaput :(