Elliot_Myers
Short

Dollar Yen Short Set Up For The Week Ahead

FX:USDJPY   U.S. Dollar / Japanese Yen
Currently short, price has failed to break above the upper structure zone (red box) and problems in Spain helped it drop Friday PM.

The long term trend is downward so technicals and fundamentals are aligned to the downside. I expect a correction upwards at 112.000 where price would have to break into a new structure to go lower.

Price action above 115.500 indicates a potential move higher to 118.000+

Upper Structure - 114.000 - 114.500
Lower Structure - 111.500 - 112.000

Entry - 114.000
Stop - 114.600
Target 1 - 113.500
Target 2 - 113.000
Target 3 - 111.500

Comments

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