Pick of the Day: USD/JPY

It’s been a rough week for my picks, but hopefully we can end the week on a good note. There are no major economic releases out of Japan or the US tomorrow, so I found a low risk setup for a down turn in the USD/JPY. On the hourly chart we see a lower low, and a reversal at the 38% Fib retracement level. So we’ll look to go short when the pair makes a move below the previous low. Hopefully, we can catch a continued move to the downside spawned by the markets reaction to Big Ben’s comments. Here’s a trade idea:

Short USD/JPY at 116.35, stop at 116.60, pt1 at 116.05, pt2 at 115.85