USDJPY: It's All About Breakout
Updated
USDJPY is trading within a narrow horizontal trading range on 4H.
108.35 is its support
109.3 is its resistance
From a current perspective there are two potential scenarios:
In case if the price breaks and closes below the underlined support cluster,
bearish continuation to lower structure levels will be expected.
In case if the price break above a resistance line of a falling wedge pattern,
I will expect a pullback at least to 108.85 level.
Wait for a trigger and adjust your trading plan accordingly.
I am still on a bullish side because in a long run the market trend is sharply bullish,
but who knows.
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