OP247
Short

USDJPY Short

FX:USDJPY   U.S. Dollar/Japanese Yen
54 0 2
I would look to short USDJPY             at its current level. There is a continued downward sloping resistance line which has been hit recently, this level was at fib 0.5 where there was previously support back in May. There has been previous resistance at fib 0.618 but I would not look for this level to be reached when taking the downward sloping line into account. I would look for a drop down to 99.90 area where there has been support previously. This short theory is supported by downward trends on the MACD and CCI .
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