crelliott0302
Short

Latest thinking with USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
169 0 7
Looking at the monthly, weekly, and daily downtrends, it appears that the downtrend increased just prior to brexit. This indicates an increase in seller activity. Looking at the upper trend line , price rejected from the 106.5 resistance level , attempted briefly to go to 107.5 where it was sharply rejected. Seeing this consistent rejection of resistance levels, mixed with no change in the Fed's decision on interest rates, I took a short order with the hopes of price dropping to at least 103 to 102.8 area. There may be a bounce back up to the 104.130 area before falling in the down trend channel to 100 or even lower.

Short entry at 105.265
sl 105.448
TP1 102.8
If momentum carries, may move TP to 99.00
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