USD/JPY – Looking to short at 119.20 by Milan Cutkovic

I’m looking to establish a short USD/JPY position at 119.20
The stop will be placed at 119.65 and the target will be 118.10
Failure to sustain momentum above 120 and sharp decline back to 118.30 support suggests further weakness ahead in the near-term
Price bounced off 118.30 support, but price action still looks weak
USD positioning crowded; Greenback showing signs of weakness across the board (vs G10 ccys)
A rally to 119.20 would be a good opportunity to sell the pair, with a favorable RRR