olly48

USD/JPY Look For Further Drop

Short
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
This plummeted yesterday and this morning which made for a great trade on yesterdays idea to short. This is now at support so I expect some hold up at this point with a slight retrace before potentially breaking through the next support.

I do not expect much resistance to breaking this support so a short can be taken on the retrace at around 105 would be good. This approach is also to make up for the small risk/reward of the trade if I took the normal approach of entering after breaking support and entering on the retest.

TP is at 0.618 Fibonacci - 104.264

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