USDJPY Neutral Idea
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: Overall this pair is extremely bullish and overextended. We can spot 2 potential long scenarios based on current price action.
Either buy off a bounce off support at 108.425 or buy after a confirmed reversal near our 38.2% fib level.
Trade scenario 2: For now we can say we are definitely due for a pullback and that lower timeframe short positions are likely for the week ahead. If we see a push below 108.425 look to short into next relevant support levels.
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: Overall this pair is extremely bullish and overextended. We can spot 2 potential long scenarios based on current price action.
Either buy off a bounce off support at 108.425 or buy after a confirmed reversal near our 38.2% fib level.
Trade scenario 2: For now we can say we are definitely due for a pullback and that lower timeframe short positions are likely for the week ahead. If we see a push below 108.425 look to short into next relevant support levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.