albert.callisto
Short

USDJPY - bearish setup

FX:USDJPY   U.S. Dollar/Japanese Yen
69 0 1
On higher timeframes, USDJPY             has been ranging between 111 and 114. It is now in the lower level of the range, has been rejected around 111.1 and could test 112 zone. Ichimoku does not provide much info at this timeframe, the cloud is terribly flat and therefore I removed Ichimoku and used weekly Demark pivots instead to define the targets.

Stochastics
Stochs indicate we are reaching the overbought area and it's wise to wait for the stochs to go above 80/85 then dive again. A break of 70 would constitute an extra trigger for the short trade.

Read of the day: http://www.marketinout.com/stock-screener/article.php?title=Thomas-DeMark-Approach-Part-I-Pivot-Points-and-TD-Lines
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