NickLindleyFx

Potential USD/JPY short play?

FX:USDJPY   U.S. Dollar / Japanese Yen
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Breaking down USD/JPY - this set-up really caught my eyes on the 4 hour chart.

On the weekly time frame I saw price reject the previous high, creating a double top . Not much caught my eye on the daily.

Zooming in on the 4 hour chart, things started to link together. I can see a current, short term downtrend and my bias is currently short on this pair with a supporting technical strength score of -4.

I will only be entering a short on this pair if I see a retracment and rejection of the blue highlighted zone. This coincides with a head and shoulders neckline, the previous low and potential fib rejection. If I was to see a 1 hour bearish candlestick pattern occurs on this level, showing strong rejection I will likely enter short targeting 112.275 - 112 monthly support.
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