LouFX

USDJPY - Double bottom stop raid (T: ~111.50)

FX:USDJPY   U.S. Dollar / Japanese Yen
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1
USDJPY - SHORT
USDJPY has recently taken the clean stops that we had sitting at 114.80. Breaking and retesting into a daily support level at ~115.30.
This being said, we've also had a nice rejection off of the 4 hour 20EMA.

Ideally, I'd like to see USDJPY head for our double bottom , break and retest the support level at ~113.75 and head for ~111.75.
I'd like to see this play out over the next two weeks, looking to take a short position providing price breaks down around our next S/R level .

4:1.

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