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USDJPY 4hour Analysis November 6th, 2022

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY Bearish Idea

Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bearish

Trade scenario 1: Overall we have seen UJ be extremely bullish the last few months but now we’re seeing some 4hour bearishness with a ton of consolidation.

Ideally this descending triangle pattern holds and price action continues bearish again. Look for clear bearish conviction to enter short.

Trade scenario 2: For us to consider UJ bullish again we would first need to break some lower highs and start heading toward 150.000 resistance again.

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