USDJPY - Great short opportunity with ~4.7 R/R

We are in a wave E of a larger Triangle formation (look at my previos posts for overall view)

Wave E should move in a 3 waves move( ABC).
We got our wave ((a)) at 111.64 and wave ((b)) at 114.20.

So, now we are in wave ((c)) lower.
This wave C should be a 5 wave move to the downside and we can alread identily wave 1 and now we should be in the end of wave 2.


Meaning, a reversal should come and it can be a quite long move down, targeting 110.53.

Trade Setup :

* Entry : Now or on channel break
* Stop : 114.21
or 114.56 for a more conservative one
* Target 1: 110.53
** Target 2 : 109.37
*** Target 3 : 108.63



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Trade active:

Entry 1 @ 113.72
Stop moved to 114.04

Price went a bit higher, even outside the channel but turned down hard after testing 1.1400 in a 5 wave move wich might be a higher degree wave 1 or A.
Followed by a correction higher as a WXY move for wave 2orB.

In any case, if price does not go above 114.03 we expect price to go lower.

I expect price to go down in an impulsive manner.
Wave ((1)) is in place and wave ((2)) is at the ideal reversal zone of 0.618-0.786Retracement.

Therefore expect price to fall fast very soon.

Trade closed: target reached:

****Correction : Entry 1 was filled at 113.64 !
Entry 2 : 113.58
Trailing stop reached for both @ 112.55
E1 : +109pips
E2: +103pips
------------------------
Total : +212pips

Comment:

I will post my ideas here for easier access
t.me/em16public