The USD/JPY continued its bearish momentum last week bottomed at 108.71. The bearish run started after price formed a double top formation at 114.50 last month, then fell below the daily EMA 200 and now slipped below a trend line support as you can see on my daily chart below. My overall/long term outlook is neutral for this pair, but I believe price will continue the bearish phase following the trend line support violation.
So here is the plan for USD/JPY this week:
- Sell at 119.50
- Target 200 – 300 pips.
- Stop loss 100 pips. Good luck!
