Scalping the Hourly Reversal - Short Setup

FX:EURJPY   Euro / Japanese Yen
The trend on the hourly chart has turned bearish after breaking the channel up

Recent correlations between the Yen pairs and the equity markets have been quite strong. We are starting to see a bit of risk aversion in a pull back a bit ahead of the FED meeting this week on the back of uncertainty over a rate hike. With EURJPY             already giving technical signs of bearishness, this pair is primed for a short setup.

The wave count from 137.05 is unfolding as a double corrective structure thus far. We have already completed a zig zag and are now in wave y for the second zig zag , looking for further downside.

A breach of 136.40 where wave x is marked, would invalid the count and the setup, and therefore stops are kept there. For targets 133.35 has a confluence of the 76.4% Fib as well as acted as a bit of support & resistance on the left side of the chart. A more conservative target falls at 134.07 which marks the 61.8% Fib of the leg up (132.22-137.05)

Excellent work.
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