Currency Pair: US$JPY
Action: Sell Limit @ 119.85
Stop loss Price: 120.15
Profit target/ exit strategy: 117.80 – possibly 116.80.
Risk/Reward Ratio: TBA
Time Frame: Short-term/24 hour only
Comments: US$Jpy appears to be somewhat rangebound in the short term, between 118/120. I would therefore look to sell the dollar on an approach to the 200 Hour MA, with a tight stop placed just above 120.00. If we get set, I would be loking for a move to the 118.00 area and given the current rather negative looking of the daily momentum indicators would hope for a further decline towards strong support at 117.80 (weekly Tenkan). Below this would see further strong support at the 11 Dec low at 117.43 and then at the next degree of Fibo support at 116.80 (23.6% of 100.75/121.84). If seen I would again consider it to be a decent medium term buying opportunity.