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USDJPY Short: Wave 5 Break + Retest (Elliott Wave TCT)

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
glennmercer Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Elliott Wave wave waves wavetheory USDJPY glennmercer gmercerfx Trend Line Break breakout retest 200sma sma200 Exponential Moving Average (EMA) Moving Averages 1=5 wavecount pivot pivotresistance Daily Pivots continuation TCT
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2
elliottwaves wave waves wavetheory usdjpy glennmercer gmercerfx trendlinebreak breakout retest 200sma sma200 ema movingaverage 1=5 wavecount pivot pivotresistance dailypivots continuation tct
USDJPY has completed wave 3 of a potential 5 wave structure. The pair has broken a trendline to complete wave (i) of 5 and is retesting the trendline at the .618 retracement To add resistance, the 200 EMA and SMA lines sit above price and below the SL level. The daily pivot may also add resistance near entry. Entry is placed at 61.8% retracement with SL above wave 4 terminus and target at the 1=5 level. This setup yields a R/R of over 5.

Bearish Confluence:
  • Trendline break and retest
  • Pivot resistance
  • 200EMA Resistance
  • 200SMA Resistance
  • Possible wave (i) of 5 completion
  • Significant .618 fib level at entry
Trade active
Comment:
Moving along nicely. Updated wave count:
snapshot
Comment:
Wave-C-of-(iv) complete:
snapshot

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