RichardEdwards
Short

USD/JPY SHORT ORDER @ 119.30

FX_IDC:USDJPY   US DOLLAR / YEN
27 0 1
Basic analysis of a break out of the lower trend line. I have raised a sell order for the retest of the 119.30 area with a stop placed above today's high at 120.00. Long term target of the 111.00 area. If this position gets triggered then I will close if price closes the day back above the trend line it has broken.

Fundamentally this trade is risky given the steady progression of the Federal Reserve rate hikes in 2016. A lower than expected NFP reading of 200k on Friday will accelerate this trade into motion and also any dovish comments / phrases in the Fed minutes tomorrow (08-01-2016). Anything positive could see this pair head back into the triangle formation where the break out will be void.

Appreciate your comments.
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