USDJPY: It's All About Breakout

USDJPY is trading within a narrow horizontal trading range on 4H.

108.35 is its support
109.3 is its resistance

From a current perspective there are two potential scenarios:

In case if the price breaks and closes below the underlined support cluster,
bearish continuation to lower structure levels will be expected.

In case if the price break above a resistance line of a falling wedge pattern,
I will expect a pullback at least to 108.85 level.

Wait for a trigger and adjust your trading plan accordingly.

I am still on a bullish side because in a long run the market trend is sharply bullish,
but who knows.

Yorum:

Watch my new video on USDCHF:

03:47