Confident_FX

USD/JPY trend following short idea

OANDA:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY strongly rejected a key support zone around 102.5 forming a double bottom . Therefore i expect the price to go up to retest the 103 level where there is a confluence of resistance trendline, horizontal resistance, and the 38.2% level of the fibonacci taken from the swing high to the swing low of a multi-monthly downard push. From that point I will be looking for any sign of reversal and a potential downard move all the way down to the nearest daily support at 102.7.

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