justatrader
Short

USDJPY - A correction and then a rally

FX:USDJPY   U.S. Dollar / Japanese Yen
396 0 3
New week and back to USDJPY             . Last week, I closed out all positions.

Right now, price seems to be consolidating, but looks to have broken a minor rising trend line . The decline could stall near 107.35 levels. Overhead, price found resistance near the upper channel line, confirmed by a lower high.

The decline to 107.35 looks like a decline back to the neckline from H4 charts (almost close to the neckline).

I've gone short with a small position targeting 107.35 with stops above the highest high. Similarly, I have a long position sitting near 107.35 and looking to build up more positions accordingly.
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