USDJPY 15M long | Morning Star Fibonacci Retracement

Candle Pattern: morning Star
Trend: up
Trend Entry: with

TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20

Fib Entry: .764
Fib TP: 1.0
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: above
BB: n/a
Pivot Point: S1

Elliot Wave:
currently on wave 3. Having a small pullback that retraced into wave 1 zone.
Expecting a push out of wave 1 zone to complete wave 3 to the upside


Notes:

Overnight order entry placed at the .764 retracement

morning star formed around the .764 level and the S1 pivot point

stochastic showing oversold
macd histogram showing momentum slowing to the downside. mutiple crossovers happening

TP Goal around 40 pips but will let it ride as far as possible to wave 3 high

What can go wrong:
the current downside retracement could go further down before turning over to the upside.