The coming 24 hours will be big for the USD/JPY. A slew of economic releases are on the way from both sides of the Pacific, each having the potential to move pricing directionally. With static Japanese inflation and strong U.S. GDP expected, the bulls are eagerly awaiting their turn at this market. However, a short from beneath the 38% current wave retracement is an opportunity to capitalize on a short-term overbought market.
Here is the trade:
1) Entry: Sell 111.49
2) Stop Loss: 111.76
3) Profit Target: 111.22
4) Risk vs Reward Ratio: 1/1
Here is the trade:
1) Entry: Sell 111.49
2) Stop Loss: 111.76
3) Profit Target: 111.22
4) Risk vs Reward Ratio: 1/1