IvanLabrie
Short

USDJPY short setup: intermediate term play

FX:USDJPY   U.S. Dollar/Japanese Yen
518 2 12
Jen is showing signs of strength, while the dollar is topping, displaying climactic action in multiple pairs.
The technicals suggest a decline is in order, and I'd be looking for an entry short on a breach of the highest daily low of the past week.
Options expiration levels revolve around price action as we see the ranging pair bounce off them, containing price action inside a tight corridor.
The weekly chart implies a strong decline is possible, lasting for at least 5 weeks.
The rgmov indicator, from Tim West's suite shows a breach of a trend channel, and rejection at previous support, very bearish signal. It tends to lead price action when coming out of a consolidation, really useful tool.
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Market it's taking its time to get out of decision mode.
Looks like we will have to wait patiently for our fill here it seems.
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