spesfinancial

USDJPY Wait for short confirmation

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
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USDJPY is testing the key resistance zone , and it is highly likely that price will continue dropping to complete the fifth wave. However, it is quite risky to enter short right now as some fake upwards breakouts may come before price truly going down. Patience is needed to wait for a weak candle to give clear confirmation.
Comment: Following this plan it is possible to take this short entry on Monday, and the price really has touched the green day trend line and reversed. It is not a very profitable trade but brings no risk.