USDJPY: Lower high looking for CD downleg to 102

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USDJPY making a lower high, 78.6% retracement from Jan'2018 highs which suggest an impending CD down leg is commencing with a downside target of around c.102.6 +/- which would coincide with multiple congestion zones since 2013. When trading the USDJPY, it always pays to look to run the opposite trade in the EURUSD. EURUSD making a potential higher low, 78.6% retracement from the Nov'17 trough with an upside potential of c.1.27. No confirmation yet, but a short in the USDJPY should entail a corresponding long in the EURUSD and closing of any DXY longs.

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