USDJPY just broke a very well tested support level and sold off pretty hard. If you do some research you can see that there is a decent amount of orders down at 111.00 that are creating some good support.
There can be a few trades here. You can wait for it to retrace back into that resistance and bounce back into a short..or it may just consolidate here in which case it can resume its down move. If it's the latter, I would wait for a confirmed move through the 111.00 level. Once we close under there stops should start to hit pretty rapidly down through a few levels driving the price down with some good momentum. The can also lead to a nice short squeeze during that move..so if you plan on holding, be careful using trailing or tight stops so you don't get shaken out of your trade on a squeeze.
There can be a few trades here. You can wait for it to retrace back into that resistance and bounce back into a short..or it may just consolidate here in which case it can resume its down move. If it's the latter, I would wait for a confirmed move through the 111.00 level. Once we close under there stops should start to hit pretty rapidly down through a few levels driving the price down with some good momentum. The can also lead to a nice short squeeze during that move..so if you plan on holding, be careful using trailing or tight stops so you don't get shaken out of your trade on a squeeze.