USDJPY Short at Fib Retracement & Broken Structure

USDJPY broken ascending channel and formed a massive weekly bearish engulfing candle. Price now retraced to 38.2% fib level and previous structure. It is a good place to short with 1st TP @ 107.80. If the price further retraces to 50% fib level, 50 DMA and ascending line of the channel bottom, this will give even a better level to add to the short position.

Historically January is one of the worst months for USDJPY. The pair has dropped over 300 pips early January since 2013. With US-IRan tension and weak USD, a big move lower can't be ruled out. Also, NFP on Friday, hence leaving a bit room for the pair to fall.

PS. Trade with care and manage your risk

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TP1 reached with over 70 pips return.