USDJPY Short Term Bear

USDJPY broke under the 108.50 support area and in a swift move yesterday got as low as 107.60 before jumping back up  on news coming out of Japan and retesting the now resistance 108.50. We expect this resistance to hold and push the pair lower towards yesterday’s lows aiming at the lower suppport trendline connecting March and July swing lows. USDJPY broke under the 108.50 support area and in a swift move yesterday got as low as 107.60 before jumping back up  on news coming out of Japan and retesting the now resistance 108.50. We expect this resistance to hold and push the pair lower towards yesterday’s lows aiming at the lower suppport trendline connecting March and July swing lows.

PS. The setup we spotted yesterday on USDCHF is still visible on the 1 hour charts, tight stops above current highs will provide a good risk:reward ratio.

[NP][/NP]