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U.S. Dollar / Japanese Yen
Short

USDJPY: Important Decision Ahead! Your Plan: 🇺🇸🇯🇵

By VasilyTrader
snapshot

USDJPY is approaching a year's high.

From a current perspective I see two potential scenarios:
  • 1 - Bearish:
    Because the underlined red structure is considered to be a key daily/weekly level,
    a strong bearish swing may initiate from that.
    To catch it, wait for a bearish breakout of a rising parallel channel.
    It will be a trigger for a bearish continuation.

    Next support will be 108.6

  • 2 - Bullish:
    The market is trading in a long-term bullish trend.
    In case if the price breaks and closes above the underlined area,
    we will expect a bullish continuation to the next pivot.

    Next resistance will be 111.7


Wait for a trigger and then follow the plan.

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Chart PatternsjapaneseyenSupport and ResistanceTrend AnalysisUSDUSDJPYDJ FXCM Indexyen
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