USD/JPY 240min Swing Set Up

In my last post I mentioned that…

“I’m looking for a bounce to either the 78.6 Fibo or the bottom line of my Wave (red) to short into AS LONG AS THE WAVE MAINTAINS THE MARK DOWN ANGLE.”

And that’s where we find the 240min USD/JPY — bouncing.

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The 34ema low where I would trigger swing short is overlapping with the 38.2% Fibonacci retracement level and just a couple pips shy of the 89.50 major psychological level.

While we’re not there quite yet, the set up is also a great example of patience in a trend offering “price improvement” and why playing breakdowns in a trend cycle comes a distant second to waiting for a correction.