Sell limit USDJPY

FX:USDJPY   U.S. Dollar / Japanese Yen
199 1 6
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

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
The pair so far has moved about 100 pips in the green, if the pair continues to go lower as expected, I would move the SL to the entry point, or gain half of the profit (it really depends upon your way of trading). Friday there is the Nonfarm Payrolls and this can move the market considerably.
Best of luck
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