Trade77; USDJPY At The Trendline 7pm

Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

USDJPY still remained weak and pretty bounced off the trendline I mentioned in twitter. For now I expect more falls from here until it’s below this trendline.

Very nice bearish engulfing candle indicated bias is more bearish now and as it bounced off the trendline I think it’s good to short now with a very tight stop at 82.40 above the trendline.
Let’s zoom into the hourly chart:

It looks like price already bounced off the hourly 200sma too and it’s at the 20sma now. It’s seems that a good short setup might taken place here at 82.01 as we have got a good risk reward ratio.

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