Heet007

USDJPY Potential break of structure to downside

Short
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
I normally don't trade UJ but just screening my watchlist and saw this structure being created for potential countertrend shorts.
Based on the previous structure break, that could bring it down nearly 80 pips.

JPY is strong today and USD is losing strength. And I am expecting USD to continue bearish today.

COT data shows an increase of shorts and decrease of longs.

Let me know your thoughts.

Trade Safe!
HEET

ps. I generally post alot of updates as the idea/trade evolves. If you wanted to stay updated, please click the "Follow this idea" button.
pss. As I don't normally trade UJ, very unlikely I enter a trade for this pair. Although I could change my mind if it breaks below 105.4.
Comment: Price is retesting support.
Be careful of a fakeout.
JPY has become weak in the last 2 hours.
Comment: Oh nice. I just got an alert that the price broke below a level I was watching.
It looks like this trade will likely have some continuation.
Comment: Its reallly moving now!
Comment: The result was quite accurate.


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