U.S. Dollar / Japanese YenUpdated USDJPY Trade Idea
In the recent analysis, I discussed about potential reversal on UJ since early January as I noticed a probe setup on 6th Jan, when price breached below 103.000 support zone then popped back up indicated short-term momentum shift (bearish → bullish). I then talked about the exhaustion pattern (flag) followed by a build up zone since 22th Jan with potential impulsive bullish move towards 104.27 & 104.70 resistance zones, which was exactly what the market performed. I will link the previous forecasts below. As price is current staying above the 150ema (long-term trend), I will be favoring short-term bullish setups. There are two setups that I am looking at
1. Further bullish continuation after some pullback towards 105.550 key resistance zone. (Bullish)
2. If we notice some bearish rotation or weakness in UJ that could send UJ back towards 104.27 support level. (Bearish)
However, do not forget the overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Further bullish continuation after some pullback towards 105.550 key resistance zone. (Bullish)
2. If we notice some bearish rotation or weakness in UJ that could send UJ back towards 104.27 support level. (Bearish)
However, do not forget the overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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Previous analysis
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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.