Trade of the Day
USD/JPY Short 108.50-60 P/T 107.90 107.50
Nothing changes from yesterday: The USD/JPY needs to retrace back up into the 108.50-60 zone where there is potential resistance including the previous swing high at 108.59 which would form a double top on a re-test of that area. In addition, our trend reversal indicator has shown up on the daily chart indicating the pair may be heading down in the near future. Also, watch for divergence around 108.38-40 as it may run out of gas there considering that was the monthly high for July.