USDJPY 30min Analysis January 26th, 2021
Price is at our key structure zone of 103.600 and is forming a falling wedge pattern on the 4h timeframe.
Trade Scenario 1: Bearish - For us to go short we want to see price break below our structure zone of 103.600. We will then wait for a retrace and for 103.600 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to go long we want to see price break above the 30min 200MA with conviction. We will then wait for a retrace and price to find support around 103.700. First targeting our key weekly at 103.850.
Trade Scenario 1: Bearish - For us to go short we want to see price break below our structure zone of 103.600. We will then wait for a retrace and for 103.600 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to go long we want to see price break above the 30min 200MA with conviction. We will then wait for a retrace and price to find support around 103.700. First targeting our key weekly at 103.850.
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Disclaimer
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.