USDJPY Short Idea
Overall we are still significantly bearish on this pair. Price action recently pulled back to our 88.6% fib level and 200ema. At the current level we can expect two potential scenarios.
Trend: Bearish
Trade scenario 1: Price action reverses at the 88.6% and presents a transition. Look to enter short on a confirmed lower high below 105.250. Enter short on strong bearish setups and target lower toward our prior low at 0% and negative fib levels.
Trade scenario 2: Price action turns bullish! Look for a significant break of 106.000 followed by a confirmed higher low. Enter on strong bullish setups and target higher toward key resistance levels.
Overall we are still significantly bearish on this pair. Price action recently pulled back to our 88.6% fib level and 200ema. At the current level we can expect two potential scenarios.
Trend: Bearish
Trade scenario 1: Price action reverses at the 88.6% and presents a transition. Look to enter short on a confirmed lower high below 105.250. Enter short on strong bearish setups and target lower toward our prior low at 0% and negative fib levels.
Trade scenario 2: Price action turns bullish! Look for a significant break of 106.000 followed by a confirmed higher low. Enter on strong bullish setups and target higher toward key resistance levels.