- 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
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