USDJPY - Looking to Sell On Rallies, Key Resistance Levels Ahead | Jun 16

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USDJPY – Closed My Short Trade, Looking to Sell (1hr chart)
After dropping several hundred pips in the last 24 hours, the USDJPY has bounced from the intra-day lows of 103.50, currently +120 pips higher. I tweeted earlier today the pair was likely going to bounce from some heavy profit taking, and this is exactly what happened (see below).

 

Sensing this bounce, I closed my short trade from just under the 111 handle for about +700 pips, but am still looking to short the pair on rallies.

Traders not already short can look towards the key resistance levels around 105.55 and 107.80. Only a daily close above 108 negates my bearish bias.

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