FX Trading Idea – USD/JPY

Price could be unfolding in a 5-wave pattern, with the 4th in process at the moment. Short with a stop just above W1 low of 108.95. Target is at 108.00, which is also the Fibonacci 127% of the W3 decline.

Stochastic and MACD are both still rising. Price is not about to decline as yet. It is possible to pick a good level near the 20EMA to get into a short opportunity.

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