Elliott wave Signal for Medium term with high risk trade.
TimeFrame = 4 Hours.
Signal = Sell Signal at Current Market Price (114.40 area).
Target Profit = 111.60-111.00 area.
Risk Reward Ratio = almost 0.
USD/JPY Elliott wave Analysis :-
Our Latest Medium Term USD/JPY Elliott wave analysis said there is till possibility for USD/JPY to dip down previous low at 111.60 area or even further down to new support at 111.00 are to complete corrective Elliott wave a.
Again,this is HIGH-RISK signal so we not advice for you to take a trade with large target profit.See our signal risk/reward ratio,its so low that this easily can be a false signal.So if you still want to take the signal then make sure to set your trade with a tight stop loss and quickly move them to break even when your trade in profit (be aware at next support at 113.50 area).
There is also an alternative to our 1st signal and that is a signal up toward previous resistance.We could see a reversal at previous 23.6% of fibonacci retracement at 113.50 area.And if that reversal able to break 114.50 barrier then another medium wave up will then occur (see blue arrow in our picture below).
Illustrated below is our two possibilities of USD/JPY Elliott Wave counts :-
By: Elliot Waves Signal Prognosis