Time to stop hunt USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
240 0 4
USDJPY             just broke a very well tested support level and sold off pretty hard. If you do some research you can see that there is a decent amount of orders down at 111.00 that are creating some good support.

There can be a few trades here. You can wait for it to retrace back into that resistance and bounce back into a short..or it may just consolidate here in which case it can resume its down move. If it's the latter, I would wait for a confirmed move through the 111.00 level. Once we close under there stops should start to hit pretty rapidly down through a few levels driving the price down with some good momentum . The can also lead to a nice short squeeze during that if you plan on holding, be careful using trailing or tight stops so you don't get shaken out of your trade on a squeeze.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out