USDJPY looking to short: UJ topping after nice run up?

25 Sep 2018

UJ has been climbing relentlessly, but I think it is coming due for a pullback soon.

I have three resistance zones identified in red, that I will be watching as approached.

26 Sep 2018

Catatan

Hmm, could this be the start?
There several fibs just below that will act as support.
Lets see if they hold or not

26 Sep 2018

Catatan

Still being supported by a fib cluster of 4 lines

each of those lines are from different fibs defined over different time frames

26 Sep 2018

Catatan

As expected, these fibs holding things up.
But it looks like they might have captured the price, and after a few more bounces it may be ready to leave them. (I am hoping to the downside)

26 Sep 2018

Catatan

there we go, fell through the fibs.
Closed 50% of position to cover costs and spread.
Trailing stop on remaining position.

26 Sep 2018

Catatan

Back up to test the fib zones

27 Sep 2018

Catatan

Quite a bit of volatility with FOMC rate decision and Trump presser.
But despite the fomc spike (they did nothing unexpected so was erased), price looks to have rejected from fib cluster that was previous resistance, or at least ''Captive''. Waiting for London Open to make next guess.
.