USDJPY Long Idea
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: Overall we are bullish on UJ but we can see that it is a bit overextended on the 4hour timeframe. From here we ideally want to see a sort of pullback to key support & a level of confluence. So for now we will wait for a pullback with a confirmed higher low closer to 109.150. Look to enter long on strong bullish setups are target higher toward resistance around 110.000.
Trade scenario 2: For us to consider UJ bearish and ready for shorts we really need to see a lot of bearish price action. We can see we are in an ascending channel so for us to really say UJ is bearish we need to see the channel break as well as a broken prior higher low. Look to enter short after we can confirm a lower high below our 109.150 level.
Weekly Trend: Bearish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: Overall we are bullish on UJ but we can see that it is a bit overextended on the 4hour timeframe. From here we ideally want to see a sort of pullback to key support & a level of confluence. So for now we will wait for a pullback with a confirmed higher low closer to 109.150. Look to enter long on strong bullish setups are target higher toward resistance around 110.000.
Trade scenario 2: For us to consider UJ bearish and ready for shorts we really need to see a lot of bearish price action. We can see we are in an ascending channel so for us to really say UJ is bearish we need to see the channel break as well as a broken prior higher low. Look to enter short after we can confirm a lower high below our 109.150 level.
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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.