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Short

USD/JPY -Sell set up

FX:USDJPY   U.S. Dollar / Japanese Yen
340 1 8
Short term trend -Bearish

Reason for Weakness

1. In daily chart pattern formed -Hanging man.

2. It has broken the low of hanging man (120.60) and is trading around 120.27.

3. The pair has also broken trend line support 120.45 ( trend line joining 118.05 and 119.60)

Short term bullishness can be seen only above 120.80 and break above targets 121.10/121.50

It is good to sell on rallies around 120.30-40 with SL around 120.81 for the TP of 119.60/119

Overall bullishness only above 121.50
apart from your analysis , any major event effecting this ?
like FOMC ?
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