theforexportal

USDJPY heading south

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
The lower time frames suggest USDJPY is headed higher initially but this should only serve to present a better selling opportunity. As can be seen on the DTF, price has sunk under the 100 sma and is headed for the 200 at 108.

I expect this pair to open higher but to lose momentum in the 113 area.

Trade idea.
Wait for a move higher to 113 and look to SELL.
A move above 113.50 turns the structure more bullish but LONGS look risky according to the technicals.

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