On today's USD/JPY 1hr chart we have a potential long and short opportunity which will all depend on your trading plan and style.
It is possible to get short at the C leg of the at 120.284 which also coincides with the top of the .
A more conservative approach would be to await price to complete at the D leg of the at 119.342 before getting long.
I feel both the aggressive and conservative approach are plausible, but always trade your plan.
Although price seems to be respecting the C leg at 120.256, I will be awaiting more confirmation before taking any action.
Potential targets for the placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed below X leg .