Sell March mini yen. Sell 119.490 stop. Protective stop 121.060. Potential projection 117.000.
Reasons for the Trade:
1. The monthly chart has a sell signal.
2. On the weekly chart, the yen's attempts to rally back over the 20 day ma continue to fail.
3. On the weekly chart, the yen violated the uptrend formed since the May low some time ago.
4. The macd on all three charts is very negative.
5. On the daily chart the yen continues to fail to rally over both the 20 day ma and the 100 day ma.
6. A sell signal would negate a buy triggered yesterday. Normally when a market does so that quickly, it follows through in the new direction.