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.