I mentioned that if the pair failed to break above 123. 44 and close strongly, the pair would fall - and that came true.
Currently, we are looking at how the pair retraces the recent leg down - and watch if the pair manages to consolidate back into the month long channel, or fails to do so.
I am placing orders to SHORT UJ at 122.3, TP: 120.3, SL: 122.8, risking 50pips for a potential 200pips.
IF UJ fails to retrace to 122.3 today, this shows weakness in the UJ bulls, and that the .382 is holding - I will tactically SHORT at rallies.
Watch for price action.
For more fundamental reasons behind shorting UJ, see my related idea link.