USD/JPY: Possible support coming up
Sell-off acceleration today, could continue for a bit (1 or 2 strong bearish candles could follow...) so be careful...
EMA55 breaking as we speak.
Switch to lower TF's to watch the reaction or spot ending structures, divergence or whatever sign of possible retracement/reversal to come at either of the 2 levels I depicted.
Stoch highly oversold, RSI pointing down agressively...
When choosing the first level to go long keep room to add at the second...
I left my previous possible wave count unchanged but it could also be a full 5 wave structure with extended wave 5 which finished at the trendline...
EMA55 breaking as we speak.
Switch to lower TF's to watch the reaction or spot ending structures, divergence or whatever sign of possible retracement/reversal to come at either of the 2 levels I depicted.
Stoch highly oversold, RSI pointing down agressively...
When choosing the first level to go long keep room to add at the second...
I left my previous possible wave count unchanged but it could also be a full 5 wave structure with extended wave 5 which finished at the trendline...
Commentaire:
Anyone who took this short should have taken TP1 around 112 and trailed SL to BE as per my previous update. Now I would suggest further trailing SL to above this possible B wave that developed (around 116) and adjust TP2 for the target as per this idea:
Commentaire:
See the above idea for more details and levels to watch
Could be a B wave now but could also be wave 1 of the next impulse up...
4H broke the recent downtrend now, let's see what happens next...
I don't have my preferred entry so I will wait for a better opportunity...