USD/JPY Bearish Wolfe Wave set-up between 109.35-50

FX:USDJPY   U.S. Dollar / Japanese Yen
249 4 5
Looks like a bearish Wolfe Wave scenario here.

DXY             at key long-term channel resistance, 85.55, weekend coming, traders might want to close USD longs today...

Looking for shorts in the 109.35-50 area, tight stops at 109.65 above the 127%, not looking to be hero here, a good US GDP reading might blow this one out of the water.

Looking for a move down to meet the fragmented line, connecting points 1 and 4, hopefully where it meets the 50% or 61.8%, between 108.12 to 107.80 where I will close and look for longs

Suggestions very welcome, I am new to Wolfe Wave theory
Looks good to me. I have no clue what a wolf line is but I totally agree with your numbers and analysis!
fash CajunXChange
Good, that gives me a little bit more confidence!

Depends how we get there too. If we meet it before US GDP, I am not sure I will take it but if we get there after the release and the figures aren't a blow-out, I think I will take it
I have 109.66 topped out. I believe the dollar is getting ahead of itself imho.
Good hunting to you today
fash CajunXChange
Me too (DXY) but I won't stand in the way of it like a crazy man either...Good luck to u too!
+1 Reply
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