Sell From Macro Fibonacci Resistance In The USD/JPY

FX:USDJPY   U.S. Dollar / Japanese Yen
The first six months of 2018 have taken the USD/JPY on a rollercoaster ride. Featuring a massive sell-off and subsequent recovery, this market appears ready to test yearly highs. The 78% retracement level for 2018's range may come into play as topside resistance later in the week.

Here is the trade:

1) Entry: Sell 111.39
2) Stop Loss: 111.76
3) Profit Target: 111.02
4) Risk vs Reward Ratio: 1/1

This trade produces 37 pips on a rejection of the 78% Fibonacci level and a return to the 111.00 handle. It is unlikely to go live until the economic releases scheduled for Thursday and Friday.


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