USD/JPY Bearish Wolfe Wave set-up between 109.35-50
Looks like a bearish Wolfe Wave scenario here.
DXY at key long-term channel resistance, 85.55, weekend coming, traders might want to close USD longs today...
Looking for shorts in the 109.35-50 area, tight stops at 109.65 above the 127%, not looking to be hero here, a good US GDP reading might blow this one out of the water.
Looking for a move down to meet the fragmented line, connecting points 1 and 4, hopefully where it meets the 50% or 61.8%, between 108.12 to 107.80 where I will close and look for longs
Suggestions very welcome, I am new to Wolfe Wave theory
DXY at key long-term channel resistance, 85.55, weekend coming, traders might want to close USD longs today...
Looking for shorts in the 109.35-50 area, tight stops at 109.65 above the 127%, not looking to be hero here, a good US GDP reading might blow this one out of the water.
Looking for a move down to meet the fragmented line, connecting points 1 and 4, hopefully where it meets the 50% or 61.8%, between 108.12 to 107.80 where I will close and look for longs
Suggestions very welcome, I am new to Wolfe Wave theory