USD/JPY Short Idea
On the daily chart I can see multiple confluences acting as resistance for this pair. the monthly level of 112.00 has help strong with confluence with the 50ema, this has been supported by a touch of the 50% fibonacci level on the 4 hour chart. Price has formed a bearish engulfing candle from this level showing sellers have entered the market. Going lower onto the 4hour chart I can see price has also broke below a counter trend line adding more confluence to this idea. As highlighted, price has been making daily lower highs and lower lows and this could be the catalyst to make a new lower low at the 107.50 key level. My bias on this pair is strongly short, however some bullish structure has been forming on the weekly.
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