USDJPY should bottom out near 89.25-89.10

 

USDJPY may look overall bearish but I am going to pick another bottom which appear to be the 50% retracement level for the previous bull run and could possibly be making another bullish wave in 4H chart

Here is the trade idea:

Long @ 89.30 -89.10

SL @ 88.90

Target @ 90.55-90.65

 

Update: As time passed I see the pattern more clearly, sorry for attaching more than just trend lines to the chart. It seem like it completed its Elliott Wave pattern on the 4HR chart. Not just that, it was stopped just above couple of pips above the 50% retracement level which sits @ 89.28

I have my limit buy order placed at 89.30 with SL @ 89 and first target is at 92

Update: So it touched the 50% retracement level, filled in my order and bounced back above it. Trend looks intact but I have my strict SL @ 88.90