USD/JPY 240-min: Elliott Wave Nesting?

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For the record we are short USD/JPY from 111.33 and have been taking some heat. But our setup seems to make sense and the pattern was tested yesterday. A series of 1-2s or what is referred to as Elliott Wave nesting (we make up things to fit our story I realize that; but we like it anyway). This view is negated above 111.75 to decent risk/reward we think.

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