sugardaddyFED
Short

USDJPY Head & Shoulder

FX:USDJPY   U.S. Dollar / Japanese Yen
Fundamentals:
- BOJ has not express additional stimulus despite pressure from other central banks
- A weaker USD due to economic data

Technically:
- Yen and Nikkei at 2015 high so pullback is healthy
- 4 hour is showing potential H&S formation
- RSI has rooms to fall
- From the breakout level, Fib of 38.2% is a healthy and viable target

If Head & Shoulder play out this is the target which coincide with the minor support and 38.2% retracement at 122.45 - 122.70 levels.

Entry@ 123.70
Stop@ 124.20 (-50)
Target@ 122.70 (100)
RR of 1:2

After the pullback-usdyen is still a bullish market-consider switch to long
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