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Uj

USDJPY Bullish Trend ContinuationAs we all know, a couple of weeks back UJ created an "Inverted Head & Shoulders" and has broken structure to the upside creating what we currently have, a bullish trend. it has already made its new higher highs and higher lows so I'm expecting once again ANOTHER retracement into my zone drawn at the past higher high, a rejection from the zone, then a long term trend continuation at least(potentially) to resistance area 109.580. On the other hand , this current bullish trend could be just a mere PULLBACK on the WEEKLY & MONTHLY time frame! So if market structure is broken during the retracement phase, then we can expect(potentially) price to continue down to the MOST RECENT low per the WEEKLY time frame. Support area 102.590 * This is just my personal opinion. This is not financial advise in any shape or form as I am NO financial advisor. *
Long
by Rhoward29
4
UJ Potential ShortUJ has reached the resistance of the downwards trend channel that it has been in for the past month. It show some very bullish price action, breaking through the resistance level quite significantly but this was promptly met with a series of large bearish candles. Price is now meandering around short-term support. Will be waiting for confirmation by way of price making an engulfing break through this structure before opening a position. The fact that price did break through and is now meandering suggests that the resistance may not be as strong anymore, so I'll also be looking for a potential break-and-retest setup for a long positon.
Short
by fvmiyeh