USD/JPY has been trading recently in a strong down trend.
Price retraced back recently and now is within a resistance Structure so therefore I anticipate that the price will fall soon and complete its selloff.
This is a trend continuation trade.
Price now is facing a resistance structure which is aligning with the 50% fib level of the last selloff leg.
Overall trend is bearish so this will be a riding trade wih high reward:risk ratio (the take profit placement is above the support level)
This is a counter trade based on a classical AB=CD Pattern that doesn't respect Fib ratios,but the length and time of the leg AB is equal to the length and time of the leg CD, and moreover the D point is aligning with a support level structure which gives the trade a high probability of success.
The First Target is 50% of the leg CD, while the second target is...
In The context of "Keep It Simple" Theory the price got rejected from the major Resistance (Blue Line).
Take profit: Testing of the Trend Line ( Pink line)
Stop Loss: Above the resistance
In the context of "Keep It Simple" Theory the EUR/USD faced a strong Support level which coincide with the red trend line (longer term) which was violated to the upside recently and the price did corrected toward it before it starts to rally up .