It is obvious that USD/JPY is difficult for me to interpret in terms of wave count. The current fall started from 101.02 has aborted the possibility for a stronger rise and we should look again down. The chart shows my working count which suggests that a complex corrective combination is developing from 95.73. However I have to admit that my confidence is still low and the current short position is risky at the moment. A key resistance is 100.32 and as long as it stays unbroken, the more likely scenario is re-test of 95.73 low
Trading strategy: 11:30 EST; 15:30 GMT
The long position from 100.25 was closed at 99.60 with loss 65 pips.
Short position from 99.60, stop loss - 100.37, target - open
Confidence level â€“ low
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.