On the 30-minute chart of USDJPY we are tracking a possible ending diagonal for wave 5 of C of Y of (2)/B. USDJPY bigger picture here. If this is the correct count, what we are witnessing could be a major top and the beginning of a long-lasting bear market for wave (3)/C in USDJPY. This specific reversal pattern is also giving us a better risk/reward ratio, because protective stops at 104.20 is enough. Of course, it depends on trading style for how long the position will be held, but if we are patient enough, minimum targets around 100.00 could pay-off well.
