USDJPY: Short now, abysmal targets

I think it's worth it to try a short trade here, aiming to capture the following targets:

Target #1: 116.39
Target #2: 112.95
Target #3: 102.48 (monthly uptrend mode from 2011 to date)

Market sell at the open, place stops for each position at 123.96, and hold the trade until the end of November.
If we don't hit target #2 by then or earlier, and we're not stopped, it might be safer to get out.

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Ivan Labrie
Trade active:
Hi Ivan! Nice setup! Was waiting 1 week to enter, and went short on Friday (122.76). If C=A we can reach around 113, if 1.618 expansion then even lower, so best of luck to you!
Currently I see corrective wave 2 after leading diagonal it should calm down around 61.8-78.6%.
+2 Reply
Definitely an interesting scenario!
Thanks for stopping by.
Let's see how it unfolds.
+1 Reply
aibek IvanLabrie
You are most welcome amigo!
aibek aibek
by the way, JPN225 has same structure
+1 Reply
Shorts getting a bit jittery ahead of BOJ meeting on Thursday. Should be doubling down (maybe they are?), because if BOJ doesn't announce another planned bond purchase , USD/JPY will go down fast.
+1 Reply
IvanLabrie PRO QuantitativeExhaustion
The stop here was almost hit.
In any event, it's lagging the S&P500.
I think it's still an interesting proposition.
IvanLabrie PRO IvanLabrie
Long time no see btw.
Hi Ivan,

What indicator are you using to get the price profile on the right hand side, please?


Volume profile, part of the pro plus suite.
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