USD/JPY – Looking to short at 119.20 by Milan Cutkovic

  • I’m looking to establish a short USD/JPY position at 119.20
  • The stop will be placed at 119.65 and the target will be 118.10
  • Failure to sustain momentum above 120 and sharp decline back to 118.30 support suggests further weakness ahead in the near-term
  • Price bounced off 118.30 support, but price action still looks weak
  • USD positioning crowded; Greenback showing signs of weakness across the board (vs G10 ccys)
  • A rally to 119.20 would be a good opportunity to sell the pair, with a favorable RRR

USDJPY

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