The first six months of 2018 have taken the USD/JPY on a rollercoaster ride. Featuring a massive sell-off and subsequent recovery, this market appears ready to test yearly highs. The 78% retracement level for 2018's range may come into play as topside resistance later in the week.
This trade produces 37 pips on a rejection of the 78% Fibonacci level and a return to the 111.00 handle. It is unlikely to go live until the economic releases scheduled for Thursday and Friday.