Trade scenario 1: UJ fell off hard last week and has been hanging around this new low below 140.500.
We are technically in a phase of consolidation so we will have to wait to see some conviction kick in.
Ideally, price action continues bearish and proves so by rejecting 140.500 and forming clear bearish variations we can enter short on.
Trade scenario 2: The other likely scenario is a rally from UJ. It’s not uncommon to see a large retracement after a recent high volume push. So if this happens look for higher lows above 140.500.
We will try and catch the pullback to 145.000 if this happens.