U.S. Dollar / Japanese YenUpdated USDJPY Trade Idea
In Friday's (22th Jan) analysis, I expected UJ to bounce within the current exhaustion pattern (Flag) and potentially re-test the top band, which was exactly what the market performed. The current market condition of UJ is quite corrective. Currently will remain neutral bias, an upwards breakout of the exhaustion pattern could send UJ to potentially re-test 104.27 & 104.70 resistance zones. However, if we notice some bearish rotation of UJ violating 103.700 support zone, that could send UJ back towards the bottom band of the pattern or 103.000 key support zone. Do not forget the overall trend on the higher timeframe remains bearish.
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Note
Friday's (22th Jan) 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.