Hope you have had a good break over the bank holiday weekend. Here is a trade idea I fancy if it materialises during the European and US sessions today.
Take a look at attached USD-JPY chart. The pair has been having a strong rally over several months fuelled by BoJ interventions. However last week we saw a break of a minor uptrend within the larger uptrend. There has been a retest of the broken trend line and it acted as resistance upon retest. The Asian session this morning has seen a rally in the direction of main trend and price action is currently approaching that area of resistance. I would like to take a short in that area for a short term trade as follows:
Sell USD-JPY at 102.35
Stop Loss at 102.60 (25 pips)
Target 1 at 101.87 (48 pips)
Target 2 at 101.06 (129 pips)