USDJPY Trade Idea

24 Oca 2021

In Friday's (22th Jan) analysis, I expected UJ to re-test the top band of the current exhaustion pattern as the current price action does not quite respect the static support & resistance zones, which was exactly what the market performed. Currently remain neutral bias unless there's a clear breach of the pattern (Flag) with a re-test, with 104.700 minor resistance zone as the initial target. The current condition of UJ is very choppy, avoid having unrealistic targets and give it requires some time to develop clear structures. If there's further bearish rotation downwards, it will expose 103.000 as the next support zone. However, be aware of the initial rejection zone of the pattern (104.27), and do not forget the overall trend on the higher timeframe remains bearish

Will keep it updated in the following trading week. Trade safe.

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24 Oca 2021

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