Sforex
Short

USDJPY: I was right on Yen, the drop is not over, expect more.

FX:USDJPY   U.S. Dollar/Japanese Yen
216 0 2
On Monday, I talked about the drop of USDJPY             , and it fell faster than I expect ; two targets I choose U/J pierced.

U/J now stops at SMA100 and SMA200 : 121.50 : This is indeed a strong support especailly Kumo cloud also lies there.
+ an ascending trend line.

So what am I wating for ?

I took profit a SHORT position of U/J at 121.50, and I want to SELL USDJPY             again.

SELL U/J at current level at 121.69 is not a bad idea, stop loss should be above 122.20

But I think it's better if we wait until USDJPY             breaks the ascending trend line or daily candlestick closes below 121.50

There is no major support until 118 level, so if 121.50 is offically broken, USDJPY             could fall intensively to 118

I think we should concentrate in spycho levels : 120 and 119 first.

I still SELL.

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