SamKent

USD/JPY shorting area

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
4
The USD/JPY is continuing its decline on the 4H chart. The pair does look fairly oversold at this point, and has also near completed an ABCD pattern on the back of a 50% retrace. Therefore, we expect the pair to bounce back a little, and we're waiting for it at the important role reversal level around 117.427. At that point, any sign of bullish exhaustion or new bearish firepower will trigger us short.