UsdJpy has failed to reach its target for the upmove by breaking the previous high so this signifies a major sign of weakness.
Considering the market started to drift sideways just at the high levels proves the upmove is over for now and that the previous down swing could be just the start of a longer 3 or 5 wave down move.The risk reward ratio for this scenario is a very good one with a stop just above the recent highs and a take profit at the level of the previous lows.
Hope this helps. Trade well everyone
Considering the market started to drift sideways just at the high levels proves the upmove is over for now and that the previous down swing could be just the start of a longer 3 or 5 wave down move.The risk reward ratio for this scenario is a very good one with a stop just above the recent highs and a take profit at the level of the previous lows.
Hope this helps. Trade well everyone
