USDJPY- Can it be a double top@111.18? (180 pips + last wave)

FX:USDJPY   U.S. Dollar / Japanese Yen
709 9 18
From 108.55 looks like 5 wave sequence is done & will it be a double top at 111.18. 5th wave has travelled 61.8% of 1-3 wave distance.

If the double top likely we will see UJ testing 109.80 from where the rally started.

180 pips from previous wave back to back
Trade active: 20:33 Hrs 21st Nov2016

Last Price@110.94

Recent High@111.06 - at this price it retraces 80% of the fall from 111.18 to 110.46 -likely this is maximum retrace which looks good if UJ wants to travel downside in coming session.

Stops above are 111.20 going beyond assumed double top - but we saw aggressive fall from 111.19 to 110.46

Trade active: 22:59 Hrs 21st Nov2016

Last Price@110.98

UJ stretched to its maximum@111.13 in the current U.S. Session- close to prior highs at 111.18

Ressistance is 111.20 (Strict)

Price structure from lows@110.46 to 111.13 looks all choppy & going below 110.50-110.60 zone will be better for further downside with strict stops above 111.20
If UJ goes below 110.50-110.60 zone then it could travel beyond or more than 161.8% distance as well because of maximum retracement -almost 90%.
First we need UJ to fall below the 110.50-110.60 to continue further down.

Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
great idea
@TheBanker, Thanks
are you shorted already ?
@gulz, Yes with risk of only 5 pips as got the chance to short at 111.15 after writing this current update. So, effectively I will lose only 5 pips if goes above 111.20
+1 Reply
gulz AbhishekHSinghCMT
@AbhishekHSinghCMT, missed that :)
@gulz, Oh. But I wrote one time when UJ was trading between 111.00-111.15
gulz AbhishekHSinghCMT
@AbhishekHSinghCMT, yes - Now m waiting for breakdown
gulz AbhishekHSinghCMT
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