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.