U.S. Dollar / Japanese YenUpdated USDJPY Trade Idea
In yesterday's analysis, I talked about potential reversal on UJ rejecting the 105.550 key resistance zone with double top as the trigger, which was exactly what the market performed. In today's trading session, I will be favoring short-term selling opportunities, but be aware of 104.700 key support zone, if there's a strong rejection of that zone as could expect some bullish rotation back upwards. Ideally I want to see some sort of weakness or tight consolidation near 104.700 support zone indicating weakness in the market. The target will be 103.700 support zone.
Since early January I've been calling short-term buying opportunities as I've identified a bullish reversal early on. As the downtrend on the higher timeframe (4h, daily, weekly, monthly) in UJ is still well-intact, avoid going against the long-term trend. Do check out my previous post if you're keen to learn more about spotting reversals.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Since early January I've been calling short-term buying opportunities as I've identified a bullish reversal early on. As the downtrend on the higher timeframe (4h, daily, weekly, monthly) in UJ is still well-intact, avoid going against the long-term trend. Do check out my previous post if you're keen to learn more about spotting reversals.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.
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.