USDJPY - Short, on a correction

FX:USDJPY   U.S. Dollar/Japanese Yen
322 0 0
USDJPY             is poised to push higher, but looks like this pair is taking a breather for now. Technicals point to an exhaustion of the long bullish run and it also coincides with a past resistance level . This is a counter trend trade, so do be careful as the bias is still to the upside.

Entry is taken up on tomorrow's candle, at last month's R3 level. Keep an eye out on price action in regards to the Trend line (price must break this in order to push lower (and possibly retest last month's R3 before pushing lower).

Aggressive trade would be to enter at market with stops as mentioned... but it's only a difference of a few pips.

I suspect this trade will keep running for the rest of this week, or perhaps well into next week's FOMC meeting. Do make sure to book profits or BE at the very least ahead of the minutes if the target isn't reached.
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