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FOREX Trading: USDJPY Stop on Short Moved Down

Jamie Saettele, CMT

Shorts were taken last yesterday in the USDJPY at 8220. Risk can already be tightened from 8290 to 8255 and focus is on the top of former congestion at 8158, which is also where the decline from 8283 would consist of 2 equal waves. The bottom of congestion at 8088 is the 161.8% extension. The 11/15 JS Thrust close at 8116 is a level that is expected to produce a reaction if reached.

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