UJ Short From Resistance Zone

2 thg 7, 2015

USDJPY has been showing weakness since last week after a decline from around 124.3. After reaching Bearish Bat target T2 it has retraced .618 to a high resistance area. We may start looking to short the pair with targets at the 1.272 and 1.618 extensions from the previous swing high. Stop loss around 124.

T1: 121.4
T2: 120.7
SL: 124.0