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USDJPY 4Hour Analysis September 19th, 2021

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY Bearish Idea

Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish

Trade scenario 1: Overall we are still technically bearish as long as we are below 110.000 but DXY has shown to be very bullish.

I am sticking to a bearish outlook because we have multiple levels of resistance and the technicals show that a short scenario is closer to happening than a long scenario.

Look for lower highs below 110.000 to enter short on.

Trade scenario 2: For us to enter long we need to see a break of resistance at 110.000 and also 110.300 where we have seen multiple fakeouts in the past.

We will enter long when price action forms a higher low above these levels.

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