Stopped out of $JPY long. The long was initiated on a triangle breakout and double bottom breakout above 102.80 and the reversal negated both triggers. The large bull triangle is still plausible but the alternate, which suggests a major breakdown, is worthy of consideration and argues for further range trade first. S/t, the rally from 101.51 is correcting a 5-wave decline from 102.46 and a larger 5 leg decline from 103.03. The rally also comes from right off of wedge support and the wedge target line is near 102.50; look for a break of the wedge downtrend first at 102.06. Support is the spike low at 101.51. (hourly) Conviction: Med Levels: Support – 101.51, 101.07, 100.82 Resistance – 102.06, 102.50, 102.93
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