USDJPY Long Idea
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: On the weekly timeframe we are very bearish but as of last week we are now very bullish on the daily and 4hour timeframes. Ideally, we want to continue with the 4hour trend through the week so we will first be looking for long opportunities. For now we want to see price action rally a bit higher then pullback to form a higher low above 109.200. Look to enter long after the higher low and strong confirmation, target higher toward prior highs and key resistance levels.
Trade scenario 2: For us to consider UJ bearish we first need to see price action fail at current resistance. Look for price action to fall back into the range and start forming some lower highs. You can enter short on a strong reversal at the current level (riskier option) or wait for a break of support at 108.400 with a lower high below.
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: On the weekly timeframe we are very bearish but as of last week we are now very bullish on the daily and 4hour timeframes. Ideally, we want to continue with the 4hour trend through the week so we will first be looking for long opportunities. For now we want to see price action rally a bit higher then pullback to form a higher low above 109.200. Look to enter long after the higher low and strong confirmation, target higher toward prior highs and key resistance levels.
Trade scenario 2: For us to consider UJ bearish we first need to see price action fail at current resistance. Look for price action to fall back into the range and start forming some lower highs. You can enter short on a strong reversal at the current level (riskier option) or wait for a break of support at 108.400 with a lower high below.
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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.
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.