AUD/JPY TRADE ALERT

Setting up a limit sell in AUD/JPY @ 89.30 with an 80 pip stop-loss at 90.10 and a take profit level of 85.25 for 405 pips. The risk/reward on this trade is 80/405 = .200, very very reasonable risk reward.

Based off the daily chart we completed wave iii of 5 and are now in wave iv of 5 that shouldn't exceed 89.70, but with a triangle in the i wave it's hard to tell where exactly wave i ended and ii began. Therefore we moved the stops up to the wave after the triangle completion. This adds about 30 pips of risk to the equation, but keeps the risk/reward ratio very favorable.

Here's the 2 Hour setup chart