USDJPY-Weekly Market Analysis-Aug20,Wk1

2 באוג׳ 2020

Overall USDJPY set up for a trend trading setup. 106.74 is an important resistance level for trend traders to observe for a shorting opportunity.
105.28 to 104.79 presents itself as a buying opportunity for counter-trend traders.

If market head up to 106.74 before retracing, I will wait for candle confirmation to short as a trend trading trade, however, if the market retraces into the buy zone 105.28-104.79 before hitting the resistance level, I might head in on the counter-trend trade to long.