USDJPY - Short Trade Idea

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY - Short Idea

- Bearish: Downtrend
- Rejection of 4 Hour 50ema
- Double top formation
- Reversal out of Fibonacci Golden Pocket
- DXY - stalling at structure of 98.25
- Safe Haven currencies in demand due to Yield Curve Inversion

Price is very corrective and the Risk/Reward isn’t fantastic as you would need a large stop loss but it’s certainly a valid trade with multiple confluences.

Pay attention to the level of 105.65 which is acting as a fairly strong level of support.

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