technically this could be where price turns because the ending diagnol should play out where wave 3 is not the shortest wave
if price goes over 114.20 then wave 3 becomes the shortest wave and the count is invalid.
Daily close is not bearish so its risky entering here however you could with a stop just above 114.20 where the count is invalidated.
If however it is an ending diagnol, the move down should be very impulsive
Will wait to see what happens during london and new york open
Potential profit is 300 pips towards minimum 1 = 3 just incase it becase a=c however 1.618 is likely if it is wave 3 down
if price goes over 114.20 then wave 3 becomes the shortest wave and the count is invalid.
Daily close is not bearish so its risky entering here however you could with a stop just above 114.20 where the count is invalidated.
If however it is an ending diagnol, the move down should be very impulsive
Will wait to see what happens during london and new york open
Potential profit is 300 pips towards minimum 1 = 3 just incase it becase a=c however 1.618 is likely if it is wave 3 down
Comment:
I doubled checked and wave 5 would be invalidated at 114.25 so technically this ending diagnol is still valid. Actually wave 5 looks better now because its in 3 waves. Im going to enter short at market because 15 minute candle is red and broke below the previous 15 minute candle. Stop will be at 114.30 so Im risking 20 pips to make 300 possibly
Trade closed manually:
It seems that JPY is now due for a correction. Exiting with 140 pips profit but will look to reenter