Strategy: Targeting down to as low as 103.45 if the diagonal pattern is in play.
Position: Flat (Open order to sell below 107.78) Trend View: IT ↑ ST =↑
R: 108.73/108.35 S: 107.39/107.06
USD/JPY 360-min [last 108.10]: We achieved the target we talked about yesterday with a surge to 108.35. There is a confluence of resistance there; so corrective Wave B may be complete. Next resistance comes at 108.73-93 (76.4% retrace). Looking for some momentum lower to take us into this trade, as the reward is high given a target down to 103.45, as measured from the 108.35 high today. Three-hour oscillators have turned down from “oversold;” in the recent past that has been a good indicator for a decent move lower (see circled area at the bottom support at minor Wave (a), 107.39, adds confidence to this view.
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