Sell limit USDJPY

The pair hit the so important support level at about 116.00 and expectedly reacted higher. Now the pair is at important Fib retracement levels from the June 2015 peak. Correlating with other JPY pairs such as CADJPY, AUDJPY, and GBPJPY as all still need to push higher to reach major resistance levels, I would expect the USDPY reach the 61.8-76.4 Fib retracement levels which represents a strong resistance level at 122.65 – 123.00.

Trade: Short from 122.65 – 123.00, TP1: 121.00, TP2: 118.75, SL: 123.65

Trade active:

Short Have been triggered, Lets follow the trade for the coming few days

Trade closed: target reached:

Update: as expected the pair hit both targets
Congratulation

This is the power of the daily time frame analysis with combination with Support/Resistance and price action. The power of this method is in its simplicity

Thanks all