ClearEdgeFX

USDJPY - 1H - TRAPPED IN A TRIANGLE BETWEEN SUPPORT AND TREND

FX:USDJPY   U.S. Dollar / Japanese Yen
Short to medium term opportunity on USDJPY             on the hourly time frame. We're looking at four possible scenarios: 1) upward break of the trendline should at a minimum yield around 30-50 pips; 2) we could see a strong rejection of the trendline as well, and in that case, we'd be taking a short position targeting the bottom support area ; 3) the last scenario is a bounce off the support area for a long entry targeting the trendline ; 4) and lastly, we could aim for a short position once the support area is broken through.
any more scenarios maybe?
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There's a chance that it'll go back up to the support area and then back down again. These types of retracements are common so we'll be keeping an eye on this one.
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