USDJPY 30min Analysis February 9th, 2021
Price is consolidating at our key structure zone and weekly level.
Trade Scenario 1: Bullish - For us to go long we need to see price break above 104.700. We will then wait for a retrace and for 104.700 to act as support. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price break below 104.500. We will then wait for a quick retrace and for 104.500 to act as resistance. Enter on strong bearish setups, first targeting the next key weekly around 104.200
Trade Scenario 1: Bullish - For us to go long we need to see price break above 104.700. We will then wait for a retrace and for 104.700 to act as support. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price break below 104.500. We will then wait for a quick retrace and for 104.500 to act as resistance. Enter on strong bearish setups, first targeting the next key weekly around 104.200