MasterOfCoinage
Short

Short setup on USDJPY

FX:USDJPY   U.S. Dollar / Japanese Yen
Looking to catch a 1.5:1 short trade setup on USDJPY

Pretty clear and common pattern forming, so I'm hoping to catch a bid and ride a continuation leg to the downside.

Initial target is a long term S/R level @ 107. 01
Trade active: Price ran against me for the first couple of hours, so a bit unfortunate in terms of entry price.

We retraced all the way up to around the 0.618 fib level.

It does look like price is moving in the right direction at the moment, so I've used a fib extension to adjust my target to 107.15

Going to sleep now, so letting this play out overnight and we'll see where we land in the morning.

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