SMHuss3
Short

LOOKING FOR SHORT ENTRY

FX_IDC:USDJPY   US DOLLAR / YEN
CURRENT PRICE:
  • Re-test of triangle structure
  • Hitting prior support, now resistance
  • Retracement to 61.8% fib
  • Big wick on previous h4 candle

T1: -27% fib ~ @117.400
Potentially good risk:reward

Stops will be relatively tight BECAUSE, @120.350 to ~120.700 there are stop losses of short trades from those shorting from the top of the triangle structure. As a result there may be an attempt for price to hit that zone before tumbling to create lower lows.
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