Tijmen_K
Short

USDJPY A potentional CD leg after completed AB=CD pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
It looks like the trend could not break to the upside after the blue (B)(C) leg, the trend looks to have more strength to the down side.
It completed the blue ABCD pattern and did go up after the CD leg. but it could be another AB = CD(black) pattern after the blue one.
If the price reaches the C point (structure level), and the RSI is reasonably high, then look if the price have trouble going further to the upside.
if so, it is a good opportunity to go short.
We have 2 more (Red) structure levels to support the short position.
Target is on the previous low. but it could be one of the green lines (structure levels).

Good luck.
Update: Consolidation right at our entry point. and it looks like it has a LL Lower close with a head and schoulder pattern on the 15 min chart. lets see if the price has enough barish strength to hit the target. i moved my target to 119,047 (lower green structure line). i usely dont move my targets... Good luck

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