USD/JPY took a blow
Trade idea
SELL 110.20; TP 109.80; SL 110.35
USD/JPY formed a big bearish candlestick yesterday that almost engulfed the previous bullish one. The pair tested level above the 50- and the 100-week MAs but then turned lower. Support lies at the declining 50-day MA at 110.25. A decline below this level will open the way down to 109.80/60. On the upside, USD/JPY needs to overcome 110.70 to revisit high at 111.15.