USD/JPY Technical analyses 20th March 2022USDJPY bullish
Trends:
1W: Bullish
1D: Bullish
4H: Bullish
Trade case 1: This week UJ is low on the list for expected setups due to the extreme surge of volume we’ve been seeing.
We simply have no structure whatsoever. The best thing we can do is wait for price action to retrace instead of trying to buy into this rally.
Ideally, price action pulls back to form structure. Technically we could see price action fall as low as our 78.60% fib level and still remain bullish structure on this daily timeframe.
Look to take long scenarios off-key fib levels and target back toward 120.000 resistance.
Trade scenario 2: The only other scenario that could take place and make sense would be… price action continues rallying and actually breaks through 120.000 resistance
IF this happens we still need to see a structure of some kind so look for higher lows above 120.000 that line up with key fib levels.
When you see a high surge of volume on a currency pair or any asset your trade opportunities greatly diminish. The market needs time to resume more normal movement.
Waiting is often the only option.
