Downtrend may be resuming.
This trade is taken based on long and short term technical picture.From the weekly chart(posted below),it looks like price has failed to break above the 61.8% Fib retracement and has fallen back almost 300 pips below that level.As long as price remains below this level,short is preferred.Based on the fact that Yen strength and EURO weakness can be seen in their respective crosses and price has broken below the trendline support in the 4H chart,a short trade has been triggered.An update about the trade will be posted once the trade is closed.
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