USDJPY

Thanks Jackozy, I'll certainly keep a look out for that area from now on and cross reference it with other possible resistance, and also watch price action more carefully.

I think the theory behind my trade today was ok, but my trigger happy early entry was rather poor. It's a lesson I am going to have to learn, and learn faster than I am doing!

Another possibility is this is a wave 5; the wave 4 being from 103.74 down to 93.79, which would be 38.2% of wave 3. If this is the case this could well go to 106.09, being 123.6% of wave 4.
Just a possibility - not set in stone so DYOR

I agree Diver. That last move down does look a lot like a wave 4 so I'd add the height of wave 1 to the wave 4 low for a possible target. Not sure where that comes in as I'm on my phone atm.

That would make it a failure at 102.41.
A 114.6 ext of wave 4 gives 105.19; or a 123.6 ext gives 106.09??

OK, thanks diver. 5th failures are always possible so we'll see. Either way, I'll take a small short at the RSI trendline resistance whatever the price is then.

Either way, I'll take a small short at the RSI trendline resistance whatever the price is then.

.....interesting tactic..... I'll watch with interest