USDJPY 4Hour Analysis July 12th, 2020
USDJPY Short Idea
All higher time frames are significantly bearish and we are looking to enter on a bearish continuation.
We can also see that price action on the daily timeframe has been ranging between 109.250 & 106.000 and the most ideal trade would be a breakout of this range.
Within this range we can also look for lower timeframe trade opportunities.
1.Looking for a confirmed retest of the 61.8% fib level. Enter on strong bearish setups and target lower toward 106.000 (The blue trade path)
2.We see a break and retest of 107.700 followed by strong bullish setups. Look to target toward major resistance near 109.250 (The orange trade path)
All higher time frames are significantly bearish and we are looking to enter on a bearish continuation.
We can also see that price action on the daily timeframe has been ranging between 109.250 & 106.000 and the most ideal trade would be a breakout of this range.
Within this range we can also look for lower timeframe trade opportunities.
1.Looking for a confirmed retest of the 61.8% fib level. Enter on strong bearish setups and target lower toward 106.000 (The blue trade path)
2.We see a break and retest of 107.700 followed by strong bullish setups. Look to target toward major resistance near 109.250 (The orange trade path)
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