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AaronLeggett

USDJPY - Short Opportunity

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
AaronLeggett  
FX:USDJPY   U.S. Dollar / Japanese Yen
USD (US Dollar) short Harmonic Patterns retracement
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usd-us-dollar short harmonicpatterns retracement
Some quick analysis here on the USDJPY pair. The Fibonacci levels coincide well with the S/R levels between the 24th and the 28th. We also have a nice bullish trend following the aftermath of Black Friday and Monday. However, I can see an opportunity to capture a few pips short due to the lower highs being created. Aiming for the 0.5 Fib level (118.884) seems to be the best bet as there is fantastic support from a few days earlier.

My trade:
£0.50 per point
118.900 TP (+£115)
121.800 SL (-£30)
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