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U.S. Dollar / Japanese Yen
Short

USDJPY Short: Wave 5 Break + Retest (Elliott Wave TCT)

By glennmercer
Updated
USDJPY has completed wave 3 of a potential 5 wave structure. The pair has broken a trendline to complete wave (i) of 5 and is retesting the trendline at the .618 retracement To add resistance, the 200 EMA and SMA lines sit above price and below the SL level. The daily pivot may also add resistance near entry. Entry is placed at 61.8% retracement with SL above wave 4 terminus and target at the 1=5 level. This setup yields a R/R of over 5.

Bearish Confluence:
  • Trendline break and retest
  • Pivot resistance
  • 200EMA Resistance
  • 200SMA Resistance
  • Possible wave (i) of 5 completion
  • Significant .618 fib level at entry
Trade active
Note
Moving along nicely. Updated wave count:
snapshot
Note
Wave-C-of-(iv) complete:
snapshot
1=5200smabreakoutcontinuationDaily PivotsElliott WaveExponential Moving Average (EMA)glennmercergmercerfxMoving Averagespivotpivotresistanceretestsma200TCTTrend Line BreakUSDJPYwavewavecountwaveswavetheory
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