short bias was a,ready confirmed 3/4 weeks ago with a bearish engulfing. An attempt was made to push higher which then resulted in a doji a week before followed by a bearish close this week. So the analysis is based on this primary context. Of course one could wait for a further correction but that would result in reduced profits. And from the above, notice the rising trend line break and retest. Stops are placed there because if price makes a close higher then it invalidates the short bias
Looking to enter from 119. I dont trade too many pairs and especially those with negative swaps. Im well positioned to the short side in nikkei225 cfd. And incidentally most equity indices are heading to a minor decline the next week or two which gives added confidence to yen long side.