Following the major moves against the dollar a couple of days back I had said that there may be a likely consolidation before further leg down for dollar. Well, one such consolidation is currently forming on USD-JPY and I am looking to trade if there is break in the direction of the earlier move i.e. short Dollar. Take a look at the chart below:
Notice the consolidation within a triangle. I intend trading this on break to the downside. If it break to the upside I will do nothing immediately until it gets to next level of resistance or supply.