GordanGekko
Short

USDJPY Short Opportunity

FX:USDJPY   U.S. Dollar / Japanese Yen
36 1 0
In my opinion this currency pair has become very overbought and is in unfamiliar territory up at these 115-116 levels. Im looking to short the pair around the 114.647 - 114.862 range. Stop loss will be place just above the 117.000 level where the red line is.

The target for this trade will be below 111.000 for a long term trade and this is the pink line.

Once we can get below the 114.000 support level then it will be easy for the market to reach below 113.000 to close the slight gap and then from 112.000 and below we are looking to target the pink line.

Strong resistance around the 116 area including a cluster of Fibonacci resistance levels.
USDJPY Being very stubborn at the 116 resistance area where we also have the cluster of Fibonacci Resistance. A drop from here will trigger out short entry from 114.647 - 114.862. Just a waiting game now.
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