USDJPY 4hour Analysis January 1st, 2023
USDJPY Neutral Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: We are clearly looking bearish on UJ as expected due to DXY falling.
There is a strong likelihood we will continue bearish this week but personally I am not satisfied with the current price action, we are a bit extended with a large amount of volume still in the market.
The safest and most ideal scenario would be entering long for a retrace up to 135.000 resistance & our 61.8% fib level.
Trade scenario 2: The other likely scenario is that UJ continues to plummet without any structure. This would make a safe trade scenario very difficult to spot.
Weekly Trend: Bearish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: We are clearly looking bearish on UJ as expected due to DXY falling.
There is a strong likelihood we will continue bearish this week but personally I am not satisfied with the current price action, we are a bit extended with a large amount of volume still in the market.
The safest and most ideal scenario would be entering long for a retrace up to 135.000 resistance & our 61.8% fib level.
Trade scenario 2: The other likely scenario is that UJ continues to plummet without any structure. This would make a safe trade scenario very difficult to spot.
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