USDJPY Short Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: Price action has been significantly bearish on almost all timeframes so we will continue with this sentiment and look for short opportunities. Look for strong bearish setups breaking the current 1hour level to enter on. Target lower toward our -27% fib level first. The zone at 104.500 is extremely important and a true break could send this pair hurtling toward new lows. **This is the first potential trade in a series of shorts**
Trade scenario 2: We see bullish momentum finally step in a push price action higher toward our 4hour zone at 105.120. For us to consider long opportunities we need to see a break of this zone with a confirmed higher low above it. Enter long on bullish setups confirming the higher low, target 106.000.
Weekly Trend: Bearish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: Price action has been significantly bearish on almost all timeframes so we will continue with this sentiment and look for short opportunities. Look for strong bearish setups breaking the current 1hour level to enter on. Target lower toward our -27% fib level first. The zone at 104.500 is extremely important and a true break could send this pair hurtling toward new lows. **This is the first potential trade in a series of shorts**
Trade scenario 2: We see bullish momentum finally step in a push price action higher toward our 4hour zone at 105.120. For us to consider long opportunities we need to see a break of this zone with a confirmed higher low above it. Enter long on bullish setups confirming the higher low, target 106.000.