Sell USDJPY on continued USD weakness.

8월 27일

I am looking to sell the downtrend in USDJPY on continued USD weakness perceived by the market. A possible entry might be a pull back to the 0.618 Fibonacci a level of 145.36 and sell short here with a stop at 146.60. This stop is above a nice fat supply zone (146.00 to 146.45 approx). My target is 142.57. This is my view ATM but could change with US consumer confidence data release at 15:00 BST or any other news that might be released.