USDJPY Short

This pair has a lots of potential on the short side and the 117.2 seems like a very good price level to enter.

Entry: 117.2 (neck line, 0.618 fib retracement)
Stop: 118.7 (above the double top)
Target #1: 114.9 (support zone)
Target #2: 111.5 (support zone)

Trade active

Comment:

So far so good with this trade. The USD has failed to build an impulsive wave to the upside breaking the current range. That increases the chances for this pair to move south instead of north.

I'll now use the trend line to monitor the down move short term. The entry price being above the trend line, I moved my stop to breakeven.