TRADE: USDJPY BUY@120.530 Completed Bat + Completed Wave 3

I haven't posted on this pair in awhile. So let me go ahead and post this trade here. Now of course, we are looking at the FOMC coming up in 2 days as well as a bunch of news tomorrow. So there may be A LOT of back and forth in this as well as other pairs in the next day. So taking any trade, you must be wary of that.

Having said that, here's why I am taking a BUY in this pair.

Here in this 4HR Chart below, the downtrend is clear. So this trade is a counter-trend trade against a downtrend. But one in which the momentum has slowed already.

WAVE COUNT
For awhile now, my wave count has this decline as all part of a 5-wave wave (c) move down. Within that wave (c) down, there has been a clear wave (1) and wave (2). And now the wave (3) also seems quite clear. If those 3 waves are correct, then this move up should be a wave (4) retracement back up.

PATTERN
For a long time now, I had been anticiapting that this Bat would complete. And it has. Just recently. This bat also completed right at some nice fib confluence with the 1.618 golden ratio extension of the wave (iii) of (3). I had pointed that area out as a possible reversal area some time ago.

MY TRADE PLAN
I'm LONG in this pair and am placing stops below the 1.414 level in the bat PRZ. If my count is correct, there may be a long way to go up for this retrace. It might just consolidate here until the FOMC to explode upwards.

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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