USD/JPY 240-min View – Setting up for another short trade?

FX Service Issue: 7/31/18

USD/JPY 240-min View – Setting up for another short trade?

31 July 2018/3:11 p.m. ET

View: Corrective rally in Wave 2.

USD/JPY 240-min [last 110.44]:  I am labelling the low at 110.61 as a completed five-wave sequence; thus, we are now in the midst of a sharp Wave 2 retracement rally with an optimum target to 112.07-19 before reversing for a sharp and deep decline in Wave 3 of (C) of [2] to 107.87 (106.82 alternate target). 

Key Resistance: 112.19 Support: 110.61

Strategy: Looking to get short for a push down toward 107.87.

073118 jpy 240 2.png

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