By: Fadi Steitie
Currency: USD/JPY
Trend Expected Direction: Down.
Method: Elliott Waves and Fibonacci Trading.
Description: Just looking at 4H chart, we notice the long bearish engulfing candles that created a strong resistance level pull the trend down to a bottom near 80.50 with irregular End that bounced the trend up to 1.618 Fibonacci level with another smaller Bearish engulfing pattern which create a double top level followed by a Doji and a high spike candle just below 1.618 Fibonacci. All we need is a confirmation to pull the trend back down and that is a red candle that fall below the Doji level near 81.360. However, I will change the target level and set it at or near 81.00 for a short trade. Anyways, I do think this is the final battle between Bulls and Bears at this stage and we all need to pack our stuff and turn the mode to a bullish strategy.
Recommendation: Hold Short
Target Area: 81.00
Stop Loss: 82.00
