USDJPY 30min Analysis February 16th, 2021
Price is pushing to the upside with strong bullish momentum but we are now at our key monthly level.
Trade Scenario 1: Bullish - For us to go long we would like to see a little consolidation around our key monthly level. We will then look for a break and retest around 106.200. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we want to see price reject off our monthly level. We are looking for double tops and other bearish formations to enter on. First targeting previous structure around 105.700
Trade Scenario 1: Bullish - For us to go long we would like to see a little consolidation around our key monthly level. We will then look for a break and retest around 106.200. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we want to see price reject off our monthly level. We are looking for double tops and other bearish formations to enter on. First targeting previous structure around 105.700
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