USDJPY potential SHORT

FX:USDJPY   U.S. Dollar / Japanese Yen
Looking at a potential trend continuation around the 111.000 area. Daily chart indicates we are bearish with downsides towards 106.000 area. This indicates we have room to hop on the downtrend we are currently in. Recently the 111.000 area has held strong support on 3 occasions. There is a good probability it could hold as resistance if price gets there again. Furthermore, we have a 1.618 extension landing bang on for confluence. Just shy of the 111.000 we have confluence of a 50% retracement of the last down leg and a 1.414 extension of the last up leg. We need to wait to see if price gets up into that level and wait for potential entry signals and also examine the potential risk to reward before we can enter.
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