USDJPY - Short Opportunity

31 thg 8, 2015

Some quick analysis here on the USDJPY pair. The Fibonacci levels coincide well with the S/R levels between the 24th and the 28th. We also have a nice bullish trend following the aftermath of Black Friday and Monday. However, I can see an opportunity to capture a few pips short due to the lower highs being created. Aiming for the 0.5 Fib level (118.884) seems to be the best bet as there is fantastic support from a few days earlier.

My trade:
£0.50 per point
118.900 TP (+£115)
121.800 SL (-£30)