Short Setup while in Channel and below 61.8 Fib

USDJPY is clearly bearish. Approaching major daily support at 116.08 there is a chance to get on the short side as the down channel and 61.8% fib hold price action down with a 1H Bearish Engulfing Candle.

USDJPY has been under pressure after a spike up during NFP. The spike high will be used as a stop loss level. Correlations with the pair and equity markets are strong at the moment.