U.S. Dollar / Japanese YenUpdated USDJPY Trade Idea
In Friday's (22th Jan) analysis, I expected UJ to re-test the top band of the current exhaustion pattern as the current price action does not quite respect the static support & resistance zones, which was exactly what the market performed. Currently remain neutral bias unless there's a clear breach of the pattern (Flag) with a re-test, with 104.700 minor resistance zone as the initial target. The current condition of UJ is very choppy, avoid having unrealistic targets and give it requires some time to develop clear structures. If there's further bearish rotation downwards, it will expose 103.000 as the next support zone. However, be aware of the initial rejection zone of the pattern (104.27), and do not forget the overall trend on the higher timeframe remains bearish
Will keep it updated in the following trading week. Trade safe.
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Will keep it updated in the following trading week. Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
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.