USDJPY Short

Price has now changed major trend direction, setting a new Lower Low and retracing back to resistance this week, making a Lower High. This resistance was very strong support that was broken, and also falls right on the 618 Fibonacci retracement level. The 20 day SMA is also acting as overhead resistance on this level. We are waiting for confirmation that this resistance is holding- with a Daily reversal candle or chart pattern on the lower time-frames. I expect to see a fall down to the $109 level.