Dollar A.S. / Yen JepangDiupdate USDJPY Trade Idea
In yesterday's analysis. I discussed about UJ has been in an exhaustion pattern since 8th Jan which could indicate potential bullish reversal. The current market condition of UJ is quite corrective, will remain neutral bias at the moment. There are two scenarios that I am looking at
1. An upwards breakout of the current exhaustion pattern (flag), that could send UJ towards 104.27 & 104.700 resistance zones. But for the setup to validate I need to see UJ staying above the 103.700 support zone
2. If we notice further selling pressure pushing it down, indicating a busted flag pattern, that could send UJ towards 103.000 support zone
Personally, I would not favor UJ setups due to the current corrective behaviour, the risk-to-reward isn't as attractive. Do not forget the overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. An upwards breakout of the current exhaustion pattern (flag), that could send UJ towards 104.27 & 104.700 resistance zones. But for the setup to validate I need to see UJ staying above the 103.700 support zone
2. If we notice further selling pressure pushing it down, indicating a busted flag pattern, that could send UJ towards 103.000 support zone
Personally, I would not favor UJ setups due to the current corrective behaviour, the risk-to-reward isn't as attractive. Do not forget the overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Catatan
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.