USDJPY: Scenarios & Trading Opportunities
A local decisional moment for USDJPY:
the price is retesting a resistance line of a horizontal trading range.
From a current perspective there are two potential scenarios:
Bullish - in case of a bullish breakout of resistance of a range
I will expect bullish trend continuation to 109.8
Bearish - on hourly chart the market is slowing down.
After a strong growth from range's support, the market looks exhausted at the moment.
To catch a pullback from the underlined resistance, wait and sell bearish breakout of a rising parallel channel .
Goal - 109. 05
Wait for a breakout & follow the market.