The USD/JPY is one of the sell pairs we have from the portfolio selection we did yesterday.
The Major pull for us thinking of shorting this pair is the wave structure (3) Momentum Low; this price point has over 70% probability that at some time in the future, the price will come back there after a retracement.
On Friday,15-minute timeframe, we saw a breakdown which signifies a continuation of the downtrend.
Here are the key prices we should be looking at:
Sell Below: 155.60
Sell Confirmation: 155.24
Stop Loss: 156.02
Sell target T1 152.85
The Major pull for us thinking of shorting this pair is the wave structure (3) Momentum Low; this price point has over 70% probability that at some time in the future, the price will come back there after a retracement.
On Friday,15-minute timeframe, we saw a breakdown which signifies a continuation of the downtrend.
Here are the key prices we should be looking at:
Sell Below: 155.60
Sell Confirmation: 155.24
Stop Loss: 156.02
Sell target T1 152.85
