USDJPY Short Idea
On This pair we are still very bearish and will continue with this trend until we see a major shift.
On this timeframe we can see a large descending triangle while current price action is consolidating just above 106.00
From here we can see two potential scenarios:
1.Price action continues with the trend and bearish volume picks up. Look for a confirmed lower high below 106.000 with strong bearish setups. Target lower toward major support and fib levels.
2.Bullish pressure pushes price action up and out of the pattern. Look for a higher low above 106.750 to confirm a 4hour change of trend.
On This pair we are still very bearish and will continue with this trend until we see a major shift.
On this timeframe we can see a large descending triangle while current price action is consolidating just above 106.00
From here we can see two potential scenarios:
1.Price action continues with the trend and bearish volume picks up. Look for a confirmed lower high below 106.000 with strong bearish setups. Target lower toward major support and fib levels.
2.Bullish pressure pushes price action up and out of the pattern. Look for a higher low above 106.750 to confirm a 4hour change of trend.