USD/JPY - Daily Timeframe

USD/JPY is in an overall downtrend on the monthly. Daily chart shows a Double Top pattern. Price has broken the neckline on the impulse towards the downside and retraced back to the upside with a precise rejection at the 0.5 level of the fibonacci retracement tool. I think price could consolidate between 0.5 and the 4HR key level for a bit but I think my overall bias for USD/JPY is a strong sell. I would wait till price passed the 4 hr key level again for an entry.

Trading Journal #6

-Austin S.