olly48

USD/JPY Looking for Short on Correction

Short
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
This has seen strong growth in the past 2 weeks and is now at a level were there has previously been resistance. It was also overbought on RSI recently. With this in mind I am looking for a possible short to at least 0.382 Fibonacci. Entry now would be quite risky as MACD is still bullish and EMA's are still long so a safer entry would be to wait for a drop and then enter on a retest of the area.

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