USD/JPY trading signal
Looking at the 5-minute chart, USD/JPY has slowed the momentum at the high of the day, but has remained in a channel. The topside trend line come in at 102.90 while the lower is at 102.30 currently. There has been small corrections along the way. The pair now has reached overbought level and some profit taking will prevail. I suggest a short position open at 102.758. Take profit at 102.07 and stop loss order at 102.99. Keep an eye on the lower support line now for intraday clues. Stay above keeps the shorts on the defensive.
