usdjpy - update

my resistance area of around 111.100-200 area failed to break and close above so my bias of the downside is still a valid set up, and on Monday we seen price rise 50+ pips to the upside, signalling a potential fakeout which it looked to be as DXY has dropped meaning UJ dropping also, ideally before I take a short position, I would like price to pullback to my 38.2 retracement area and see some bearish momentum before getting into the trade, with targets around 109/108 - this is where patience comes in and allowing for this set up to come to you

#JugFX

Comment:

an update on usdjpy - price looks to have broken the 38.2 retracement level followed by another bullish engulfing. still anticipating a move to the downside. Price is currently at the 50% fib retracement

#JugFX

Trade closed: stop reached:

price has reversed spiking to the upside