USDJPY trading in descending channel - Short entry approaching

USDJPY Trading in descending channel, shown on one hour chart. Approaching channel resistance. Might be a few days away still. Looking for short entry swing trade.

USDJPY also a good indicator of risk sentiment. A change in trend to the downside may correlate with a short term top in S&P and attract buying pressure across the precious metals.

Comentário:

Strong move up into channel resistance. False breakout (A breach of channel support or resistance is often followed by a test of the opposite side of the channel. example of this is seen on the chart, two attempts by bears to break below the channel in August).

Price reversed lower. Entered short 108. I like this trade. Will add position if we break below white dashed trend-line.