volteface

Daily USDJPY - Looking for entry for short

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
115.769 area is showing signs of support as price has rallied off it twice.

There seems to be signs of either a rectangle happening with support at the same level or a bear channel developing (shown by the colours orange and red).

The next few days should either show a rejection from the bear channel top suggesting that price will continue a bear trend. Otherwise, price should break through the bearish channel and make its way to the "big resistance" - Failure to break and close beyond the "big resistance" will be a triple top and is a clear indication for shorting.

Once technicals are aligned I will confirm action with 3 MA (4,9,18) on hourly charts for optimal entry within the high price areas with a target at 110 with stops either above channel or resistance.