I believe that USDJPY
is reaching a price zone that is favoring shorting. I have identified a price where previously USDJPY
has failed to breach. However, take note that the current price of USDJPY
has already fulfilled the criteria of a new high relative to it's previous peak. Maybe some averaging techniques can be used here if you are interested to enter.
Although I think that a throwover is quite improbable given the straight-line rise, I still think it is better to put the stop higher than the strong resistance price.
If you believe in fundamental correlations and causation, you can check out my ES short idea also: Flight to safety (long Yen) in the event that ES crashes.