USDJPY Short continuation: 250 pips possible for UJ

This Idea is to point out three possible targets for the UJ downturn.
I have been short for a while now, see chart shown below.

The fundamentals are still giving JPY strength.
- BOJ considering tapering/ending QE
- Japanese Bonds have a HOPE of non-Zero interest rates
- PBOC continues to deval the Yuan

The technicals indicate more waves downward.
- 2.618 fib extension of impulse down looks ready to burst
- After a 12345 impulse, an ABC is pretty much required.
- The fundamentals above came at a perfect time.

Will update this idea as things move.



Here is where I first started opening Short positions:

I have since added several additional positions, starting as scalps and then letting some % of a winner ride.

Trade active:

First short fired:

start as a scalp, if survives, will take some profit and let the rest ride along with my larger position.

Comment:

UJ short making progress.
I have moved the stop to BE on this position, if it survives I will take 50% profit at TP indicated, and try to carry the rest in my collection of UJ shorts.

Comment:

TP hit.
I have closed 50% of position, SL at BE on th rest, hoping to keep in my collection of UJ shorts.

Trade closed manually:

Closed all shorts on BOJ news.
Looks like Yen pairs headed up for a while.

Comment:

well my EW count was off, but first possible 'C' point hit