Short Set-up for USD/JPY
- Trade: Sell USDJPY at the 50% retracement of the wave-1 decline at 103.45
- Stop loss: Place stop just above the wave count invalidation of 103.92
- Take profit: Initial take profit is the December 11 low of 102.15
More: For the complete analysis from senior currency strategist Jamie Saettele, watch this video.
See related: A USD/JPY Short That's Playing Nice
By Todd Gordon, founder, TradingAnalysis.com
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Disclaimer: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors.