USDJPY Short Breakout Off of 229 Support

FX:USDJPY   U.S. Dollar / Japanese Yen
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The Dollar/Yen pair has been in downward trend off of it's 120.766 high back in late December 14. Price action has failed to make higher highs, and since the double bottom bounce in mid January, price has oscillated in contraction with major support at 117.229. A with trend breakout short position right below the 229 level is a good setup given price now resides under the 20EMA and 50EMA. Looking at 1.7R with target right above the .123 support level .