NickLindleyFx
Short

USD/JPY Short Idea

FX:USDJPY   U.S. Dollar / Japanese Yen
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On the daily chart I can see multiple confluences acting as resistance for this pair. the monthly level of 112.00 has help strong with confluence with the 50ema, this has been supported by a touch of the 50% fibonacci level on the 4 hour chart. Price has formed a bearish engulfing candle from this level showing sellers have entered the market. Going lower onto the 4hour chart I can see price has also broke below a counter trend line adding more confluence to this idea. As highlighted, price has been making daily lower highs and lower lows and this could be the catalyst to make a new lower low at the 107.50 key level. My bias on this pair is strongly short, however some bullish structure has been forming on the weekly.
Fortunately I did manage to catch a short entry on this pair based on the hourly price action. I had a 1:5 risk to reward ratio and price declined nicely. I closed my profits early on the first hourly cross and close above the 50ema, banking 0.5% - harshly price sharply declined shortly after I manually closed this position missing out on 3+%. My bias on this pair is still short as the daily and weekly time frames look strongly bearish. For my original target to remain id like to see a close below the previous wick lower low which confirms the bearish trend.
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