This chart describes the different projection techniques that I used to determine targets and potential retracement zones in this pair.
I'm short from 177.569, with a break even stop and will scale in every chance I get.
This corrections will be easily foreseeable using time at mode in lower timeframes, and I'll update with them in due time.
I expect to hold this trade open until the weekly signal expires at least.
These tend to call for a retracement to the 5th's sub-wave ii, and eventually wave 4.
Rgmov is printing very bearish divergence vs price in the 4h chart too, a great signal in its own right.
Looking for a short position on Sunday open.
Longer term target still valid, first one exceeded, with time left in the counter.
Watching price action for the short. Rgmov suggests a move higher.
Price is at the level of a lower degree's wave 4 now, which is a steep but valid retracement in EW terms for an expanded flat wave 2. We have to monitor crude and the Nikkei chart closely here, the short side offers tremendous opportunity once wave 2 is complete (IF the count is valid).
Moved stop to BE now, I suspect there is a small move up pending in *jpy pairs, might be Nikkei's 5th wave inside the 5th (which if you look at my chart below, you can see that needed to reach a certain price level to be considered 1:1 with the 3rd wave, which didn't happen)
Maybe it's already complete and this is just a retracement, but I'd rather protect my profits and scale in after being risk free.