USD/JPY ***NEW TRADE ALERT***

I have entered limit oco orders in to sell USD/JPY @ 99.054 with take profit level open for the time being. and Stop-Loss level of 99.80.

The area I'm selling into contains wave 5 = wave 1, wave 5 = .50(waves 1 + 3) as well as the .618 retrace of the move down off the highs. The two fib resistance zones are highlighted in the setup chart.

Setup Chart:

I'll set my initial take profit level at 96.00 the figure, but it may turn into greater downside. Will monitor.