USDJPY is testing the key resistance zone, and it is highly likely that price will continue dropping to complete the fifth wave. However, it is quite risky to enter short right now as some fake upwards breakouts may come before price truly going down. Patience is needed to wait for a weak candle to give clear confirmation.
Note
Following this plan it is possible to take this short entry on Monday, and the price really has touched the green day trend line and reversed. It is not a very profitable trade but brings no risk.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.