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Coleman: 4th wave correction in USDJPY

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Ian Coleman from First 4 Trading is looking to sell USDJPY, which recovered overnight after trading at the lowest levels in seven weeks.

Coleman says that as the recovery happened from the 161% extension level of 129.34, it is seen as a 4th wave correction in a larger 5 wave bear sequence. The Marabuzo level is seen at 121.60 and the bespoke resistance level at 121.66, according to Coleman.

He is looking to sell USDJPY at 121.60 with targets at 121.10 and 120.50. His stop is stop at 121.90.