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.
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.
NZDJPY shows the same behavior, potentially one more leg up in smaller tf before the big drop.
Also agrees with my euraud short working, depends on aud/nzd/gold strength to work, that wouldn't work so well if nzdjpy and audjpy/audusd, etc go down...don't you think?