USDJPY: Potential Bearish Scenario

Nov 23, 2020

USDJPY is trading within an ascending triangle on the hourly chart.

Taking into consideration that the trend is globally and locally bearish,
I remain bearish biased and expect a trend continuation.

In order to catch the next wave, I would suggest being focused on 103.67 - 103.73 hourly demand area.
If we see a 1H candle close below that, it will be a strong selling signal and bear run will most likely start.

Next goal will be - 103.4

(in contrast, if we close above 103.9 level, the setup will be invalid)