USDJPY: Scenarios & Trading Opportunities

26 Mar 2021

hey traders,

A local decisional moment for USDJPY:
the price is retesting a resistance line of a horizontal trading range.

From a current perspective there are two potential scenarios:

Bullish - in case of a bullish breakout of resistance of a range
I will expect bullish trend continuation to 109.8

Bearish - on hourly chart the market is slowing down.
After a strong growth from range's support, the market looks exhausted at the moment.
To catch a pullback from the underlined resistance, wait and sell bearish breakout of a rising parallel channel.
Goal - 109.05

Wait for a breakout & follow the market.