ICmarkets
Short

Looking for shorts beyond the 103 handle.

FX:USDJPY   U.S. Dollar / Japanese Yen
162 0 6
Beginning with a look at the weekly chart this morning, traders can see that price recently collided with a resistance level seen at 103.22. A rotation from here could potentially push the pair back down to retest support coming in at 100.61. Turning our attention to the daily chart , price has also connected with a resistance area drawn from 103.50-103.89. The next downside target from this angle, however, falls in at 102.38: a support level . Stepping across to the H4 chart, we can see that price began topping out around the mid-way resistance 103.50 level during yesterday’s London morning session.

Our suggestions: Quite simply, we’re now looking for the sellers to prove their selves. A close below the 103 handle would, in our opinion, do just that. Should this come into view followed by a convincing retest of 103, our team would enter short targeting the mid-way support 102.50 as our initial take-profit zone.
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