StevenH

USDJPY trend continuation

FX:USDJPY   U.S. Dollar/Japanese Yen
240 0 2
Here on the 1hr chart of USDJPY             price action is getting close to a level that ive been watching for a couple of days now. I think this area represents a great opportunity to sell the market because of a few different technical indications. First,
there is a minor support level that should now act as some kind of resistance if price action makes it up near 121.828 and a little above as indicated by the green rectangle on the chart. Second is that USDJPY             should be very overbought if we make it to this level. Third, there is a nice fib confluence with a .618 retrace and a .127 extension clustered in this area. With all that being said we have to be careful because of lack of structure to base stop losses on. With this being the case, i will be waiting for a double top to take place in the specified area (green rectangle ) possibly on a lower time frame before entering the trade. Stop losses will be above the double top (if one takes place) and target is indicated by the green line.
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