Trade scenario 1: Overall price action has been extremely bullish and we have still not seen structure form. Ideally, we want this over extended rally end with structure formation at our 38.2% fib level. This would be the most consersative entry.
But! Price action might not be finished rallying so if we see a transition of 110.000 enter long on a higher low above. Target key resistance around 111.500.
Trade scenario 2: It is likely we will see price action fall to our 38.2% fib level which you could ride price down to in a nice short position. But for us to consider UJ overall bearish we need to see price action break 108.450