USDJPY Short - Could be a big one here...

See callout bubbles. Because price couldn't push up through 114, I'm saying that the Sellers have the upper-hand in the USDJPY market right now. We need a retest of the area highlighted in red in order to have our entry, but if we can get there, I think we'll turn around and head much, much lower. Outlook for USD is very dovish, so we should expect a weak USD.

Always measure your risk and be okay with being wrong ; )

Comment:

Still waiting to see if the USD will push up again into our level so we can go short ; )

Comment:

The market came close to our entry yesterday and quickly sold off. This tells me that within our zone, we should expect sellers to be even stronger, seeking to push price lower.

I like the USD strength that we are seeing so that we can meet entry, but as soon as price comes into our zone, I want to see the USD begin depreciating.

As extra confirmation, both the DXY and USDOLLAR indexes are beginning to show a head and shoulders pattern which indicates weakness coming to the USD. See my idea published earlier this morning 12/15 AM.

Trade active:

Entry triggered. Let's see what kind of selling we find in this zone...

Trade closed: stop reached:

Trade stopped out for a small loss. Worth a shot!

Always measure your risk and be okay with being wrong ; )