USDJPY: Important Decision Ahead! Your Plan: 🇺🇸🇯🇵
USDJPY is approaching a year's high.
From a current perspective I see two potential scenarios:
- 1 - Bearish:
Because the underlined red structure is considered to be a key daily/weekly level,
a strong bearish swing may initiate from that.
To catch it, wait for a bearish breakout of a rising parallel channel.
It will be a trigger for a bearish continuation.
Next support will be 108.6
- 2 - Bullish:
The market is trading in a long-term bullish trend.
In case if the price breaks and closes above the underlined area,
we will expect a bullish continuation to the next pivot.
Next resistance will be 111.7
Wait for a trigger and then follow the plan.
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