USDJPY 4Hour TF - June 17th, 2024
Monthly - Bullish
Weekly - Bullish
Daily - Bullish
4Hour - Bullish
"Do you think it's Bullish?"
Scenario 1: We are kind of in uncharted territory because we have not seen UJ near these highs since 1991. Not sure I trust those levels so my max target for a long position will be the 160.00 area where the most recent highlighted wick is. We just need more structure to base levels off of. Look for a higher low and continuation of this bullish trend.
Scenario 2: The only way i'd feel comfortable shorting this is if we saw a major break of our 156.250 zone. Look for clear bearish structure below and it would become a great prospect to short.
Weekly - Bullish
Daily - Bullish
4Hour - Bullish
"Do you think it's Bullish?"
Scenario 1: We are kind of in uncharted territory because we have not seen UJ near these highs since 1991. Not sure I trust those levels so my max target for a long position will be the 160.00 area where the most recent highlighted wick is. We just need more structure to base levels off of. Look for a higher low and continuation of this bullish trend.
Scenario 2: The only way i'd feel comfortable shorting this is if we saw a major break of our 156.250 zone. Look for clear bearish structure below and it would become a great prospect to short.
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