UsdJpy Short Set up 11/01/2017

The Japanese Yen has been showing some strength lately due financial flows. I have been selling most of the pairs where I would technically spot a selling opportunity.

UsdJpy Daily Chart

Price is currently at the Monthly pivot, with the 21 holding. It broke down the 21 quiet a few times only to retrace back up again. Looks like a resistance level of 118.4 is key as price has failed twice already to break it.

UsdJpy H4 Chart

Price is currently at the role reversal after having broken down through the then support level of 116.2. Bears will be looking for selling opportunities at this area and also keep an eye on the 21 as it also acts as dynamic resistance.

UsdJpy H1 Chart

With the stochastic in mind, I am looking forward to see price nudge up a bit to anything between 116.25-116.30 for a possible sell. should price retrace up to that range then I will be looking for reversal patterns on lower time frame charts, M5 & M1.

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