Why I am Shorting USDJPY

Hello fellow traders,

An interesting setup may be at hand for a USDJPY short on market, I just shorted it few hours ago.

The chart explains it all, however, here is the list of reasons in bullet points:


Major horizontal resistance cluster area.
200-days simple moving average resistance.
Potential rising wedge pattern.
Shooting star candlestick at resistance area.
Bearish engulfing candlestick.
Double top pattern completed.
And finally, bearish divergence on RSI.


I am looking for further downside and a first target at 107.00. And second target at 105.10.

Lets see how the trade setup progress. Always remember that even the best setups fail sometimes.
Looking forward for you comments.

Best
Tech