USDJPY DOWN UPDATE
Updated
Alongside my previous published idea: 
I mentioned that if the pair failed to break above 123.44 and close strongly, the pair would fall - and that came true.
Currently, we are looking at how the pair retraces the recent leg down - and watch if the pair manages to consolidate back into the month long channel, or fails to do so.
I am placing orders to SHORT UJ at 122.3, TP: 120.3, SL: 122.8, risking 50pips for a potential 200pips.
IF UJ fails to retrace to 122.3 today, this shows weakness in the UJ bulls, and that the .382 is holding - I will tactically SHORT at rallies.
Watch for price action.
For more fundamental reasons behind shorting UJ, see my related idea link.
I mentioned that if the pair failed to break above 123.44 and close strongly, the pair would fall - and that came true.
Currently, we are looking at how the pair retraces the recent leg down - and watch if the pair manages to consolidate back into the month long channel, or fails to do so.
I am placing orders to SHORT UJ at 122.3, TP: 120.3, SL: 122.8, risking 50pips for a potential 200pips.
IF UJ fails to retrace to 122.3 today, this shows weakness in the UJ bulls, and that the .382 is holding - I will tactically SHORT at rallies.
Watch for price action.
For more fundamental reasons behind shorting UJ, see my related idea link.
Comment
Watch price action. Any hourly close below 121.05 can mean bigger moves down.
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