USDJPY Short Idea Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish Trade scenario 1: Most timeframes on UJ all point to bearish other than the weekly. At the current level on the 4hour it looks like we’re going to see our next bearish leg as major bearish volume can be seen entering the market. Ideally we can spot a minor retest/lower high with bearish setups that we can enter on. Look to target lower toward major support levels. Trade scenario 2: For us to consider UJ bullish we first need to see a break above 110.000 with a confirmed higher low above. We have seen many bullish fakeouts in this pattern on the 4hour so we really need to be sure 110.000 is broken before we can enter long.