VasilyTrader

USDJPY: Important Decision Ahead

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

USDJPY is trading in a strong bearish trend .
The price is falling in a major falling channel for a quite long period of time.

However, since November the price is in consolidation.
The market is stuck within a 103.7 - 104.7 horizontal decision range.
While the price is inside, the future direction of the pair is unknown.
I am waiting for a breakout.

In case of a bearish violation, sellers will most likely push the market lower.
Goals will be:
103.3 current structure low
103.0

In case of a bullish violation, with a high probability, the price will go higher.
Next goal for buyers will be:
105.4 current local structure high.

Because the trend is bearish , I remain bearish biased.
But who knows...
We know how stubborn yen can be.

Have a great weekend!

Comments

Will the pair drop again?
What do you think?
Reply