USDJPY 4Hour Analysis August 2nd, 2020
USDJPY Short Idea
Overall we are looking very bearish on this pair. We recently saw a pullback after a large bearish push. Price action is resting at our 61.8% fib level and monthly resistance zone around 106.000
From here we are looking for short opportunities and will enter on lower timeframes setups confirming another bearish push. (The blue trade path)
For us to consider long opportunities we want to see a break of our monthly resistance zone around 106.000 followed by a confirmed higher low. (The orange trade path)
Overall we are looking very bearish on this pair. We recently saw a pullback after a large bearish push. Price action is resting at our 61.8% fib level and monthly resistance zone around 106.000
From here we are looking for short opportunities and will enter on lower timeframes setups confirming another bearish push. (The blue trade path)
For us to consider long opportunities we want to see a break of our monthly resistance zone around 106.000 followed by a confirmed higher low. (The orange trade path)
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