USDJPY intra-day short setup

The markets have been pretty chaotic this week remaining quiet since Sunday’s open while awaiting Trump’s proposed tax reforms.

This trade setup comes from a strictly technical setup on the USDJPY pair.

USDJPY 1-Hour

This pair is currently retracing to what I believe will become of the second round sell-off. This is further backed by the moving averages over on the 15-minute time frame.

USDJPY 15-Minute

Our 20-period moving average crosses below the the 65-period moving average, but still manages to trend below even with the retracement going on. This is an indication of continued price-decline bias.

Currently, I hold a short bias and selling for another round of price decline.

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