USDJPY Long Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: Higher timeframes still point bullish although we did see price action on the 4hour fall to key support at 110.000 where we are now consolidating.
Ideally we want to continue with the overall bullish trend as it is the most likely. Look for a significant break of resistance with higher low formations to enter on.
Look to target higher toward key resistance around 111.500
Trade scenario 2: For us to consider UJ bearish we need to see a clear break below 110.000 with a confirmed lower high.
Look to enter short on strong bearish setups after the lower high and target lower toward support near 109.150
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: Higher timeframes still point bullish although we did see price action on the 4hour fall to key support at 110.000 where we are now consolidating.
Ideally we want to continue with the overall bullish trend as it is the most likely. Look for a significant break of resistance with higher low formations to enter on.
Look to target higher toward key resistance around 111.500
Trade scenario 2: For us to consider UJ bearish we need to see a clear break below 110.000 with a confirmed lower high.
Look to enter short on strong bearish setups after the lower high and target lower toward support near 109.150