Here we see USDJPY already broke the uptrend it was on and looks like it started its trend now. We see the elliott wave cycle where it made 5 waves down and the ABC retracement, reaching the 50% fib level.
At this 50% level we see a lot of confluences that indicate price could reverse. It is a zone where there has been previous support/resistance, and also we see the candles are showing a lot of wicks, and are rejecting that zone, indicating a loss of momentum and potential reversal.
We should trade this to the -27% fib extension, and you could take partial profits at 0%. Stop Loss should go above resistance.
At this 50% level we see a lot of confluences that indicate price could reverse. It is a zone where there has been previous support/resistance, and also we see the candles are showing a lot of wicks, and are rejecting that zone, indicating a loss of momentum and potential reversal.
We should trade this to the -27% fib extension, and you could take partial profits at 0%. Stop Loss should go above resistance.