USDJPY EW: Bearish 5-0 Pattern to Complete Wave-2

Short

U.S. Dollar / Japanese Yen (FX:USDJPY)

Updated

FX:USDJPY U.S. Dollar / Japanese Yen

USDJPY EW Elliott Wave 5-0 Pattern confluence glennmercer gmercerfx

usdjpy ew elliottwaves 5-0pattern confluence glennmercer gmercerfx

USDJPY has completed a 5-wave impulse and is currently in a corrective structure. A 5-0 pattern is a great way to get in on this wave-c-of-2. See related idea for previous structure. Happy Trading!

Trade active:

Beautiful resistance at .5 fib with very little drawdown

snapshot

Trade closed manually:

Taking profit here at +51Pips. The corrective "X" wave following wave-C is notoriously unpredictable. I will now be looking for long opportunities.

Comment:

snapshot

Trade closed: target reached

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