YEN was weak all day yesterday.

Many Yen cross pairs including USDJPY have reached to Reversal Pivots (such as WR2, MR2).

Also today is Friday… thus it is a bit hard to build the trade plan with Yen.

It may be better off to trade non-Yen pairs.

However… if you insist, here it is…

On Daily chart, the price touched MR2 and dropped.  I think the price will come down to Daily 21 EMA.

Here are sell zones.

Let’s take a Fibonacci of Yesterday’s HIGH and LOW.

1. Sell Zone 1
   122.90 – 123.0 (WPP, DPP, Fib38.2%, Role-Reversal Resistance)
2. Sell Zone 2
   123.25 ish (Fib 61.8%, Resistance)

 

The target should be 122.50 ish where Daily 21EMA will be.

 

Hope this setup helps you build your own.

 

YJ Baik – Forex.Today @ Tokyo