USDJPY Short - Elliot Correction Wave (ABC)

Looks like a possible Elliot Correction Wave (ABC) setup.
Enter with bearish confirmation at B. TP is C. SL above 5.

Comment:

Looks like we are approaching B. Going to have to keep an eye on it for the next few hours :)

Comment:

Price is at resistance and still below wave 5. Keeping a lookout for a bearish 1H candle to form.

Trade active:

Entered at 1H MACD cross down

Comment:

SL = 107.1
TP1 = 105.2
TP2 = 104.73

Comment:

This Wave Analysis is invalid now.
I have moved my SL and TP to match the rising channel.
SL = 106.5
TP = 105.3

Trade closed: stop reached