Bearish 5-0 USDJPY
Here we have a bearish 5-0 on the dollar-yen. Price is in a downward channel which has also provided a reciprocal AB=CD within the same pattern; the AB and CD waves are completely symmetrical. Price has already touched the 50% retracement and has began to stall- I have taken a short position and will hold until 108.3. My original stop loss was at 112.7, but decided to round it to 113. The only way price will touch 113 is if it is going to be broken! Price is at a key resistance point but I have gave breathing space for price to pivot before dropping or hitting the top of the cannel.
Rec. AB=CD Ratios
C: 1.13-3.618
D: 0.382-0.886
5-0 Ratios
B: 1.13-1.618
C: 1.618-2.24
D: 50%
Rec. AB=CD Ratios
C: 1.13-3.618
D: 0.382-0.886
5-0 Ratios
B: 1.13-1.618
C: 1.618-2.24
D: 50%
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