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).

2ndskiesforex twitter post on price action

 

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.

usdjpy price action 2ndskiesforex

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