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ilovewml

USDJPY - Wait for Monthly chart Bearish Signal

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
ilovewml Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Fibonacci Trend Lines
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trendanalysis fibonacci trendline
If this monthly candle close at 105.50 & below, the bearish signal is strong enough to test Fibo 50% level (reentry of the previous downtrend line).
Trading Idea:
Option 1: Short now with CL 107.600 and TP 102.000

Option 2: Wait until 30 Aug to observe the daily closing candle. As long as it stay below 105.50, just short it with CL 106.500.
Comment:
Chart doesn't go according to Option 2, stay tuned for better entry point.

In case shorted using Option 1, stay tight with the CL and TP with trailing stop.
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