USDJPY - Short towards 110 to 108 - Good Risk/Reward

USDJPY

Look at my previous post for the first count I had in mind.
(tradingview.com/chart/USDJPY/kmjjzpkM-USDJPY-Longer-term-expect-higher-prices/)

This count seems more plausible as we are seeing some USD weakness now.
Price should go down to 110 possibly 108 wich will be my targets for the coming weeks.

On this weekly chart we can also see a bearish candle formation giving more weight to the count.

Setup
Entry : Now or wait for a small pullback
Target 1 : 110
Target 2 : 108
Stop : last high or start of this bearish candle

Note

Remark : Price needs to hold above 104 (wave C high) for this count to be valid.

Note

I entered this trade at 113.55, wich gave me a R/R ratio of >1/4

If you did not do so, I don't think it's a good time to enter as R/R isn't good enough.

Better wait for wave E to end (possibly december) then start going long.

Note

Price retraced enough to enter a new trade now with a good Risk/Reward Ratio of 1:2 for 110.0 as target.

ElliottWaveBelgium

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USDJPY - Longer term expect higher prices

by ElliottWaveBelgium

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ElliottWaveBelgium

Don't forget to like, share and follow !

Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public

Thanks !