USDJPY Short Idea
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: Overall we are bullish on higher timeframes but we have been seeing a very strong 4hour bearish trend. Currently price action is at support in a prior range at 108.400. If we break lower we will be looking for a lower high below 108.400 where we will be looking for short opportunities. This level is extremely important because if we see a confirmed transition of 108.400 it changes our bias on the daily trend to bearish. Look to target lower toward support at 107.000
Trade scenario 2: Price action just fell back into the range between 108.400 & 109.200 so we can potentially spot a long scenario in two ways.
We see a reversal at support (108.400) where you could enter on a lower timeframe and target the top of the range.
Wait for a break back above the range and enter long on a confirmed higher low.
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: Overall we are bullish on higher timeframes but we have been seeing a very strong 4hour bearish trend. Currently price action is at support in a prior range at 108.400. If we break lower we will be looking for a lower high below 108.400 where we will be looking for short opportunities. This level is extremely important because if we see a confirmed transition of 108.400 it changes our bias on the daily trend to bearish. Look to target lower toward support at 107.000
Trade scenario 2: Price action just fell back into the range between 108.400 & 109.200 so we can potentially spot a long scenario in two ways.
We see a reversal at support (108.400) where you could enter on a lower timeframe and target the top of the range.
Wait for a break back above the range and enter long on a confirmed higher low.
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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.