Potential trade setup: USD/JPY
although the price is consisting of lower highs and lower lows, the monthly candle closed as a spinning top around the 108.000 regions. Therefore, the price could respect this region and alternatively reverse and retrace to the key weekly area of 110.000 which is also in confluence with the 61.8% retracement zone. What could invalidate my bias is if we have a daily break above the counter trendline and a retest, before considering possible longs to the upside.
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