USDJPY 30min Analysis January 19th, 2021
Price is currently at our key weekly level and 30min 200MA.
Trade Scenario 1: Bullish - For us to go long we need to see price find strong support at our key weekly level at 103.860. We can aggressively enter on strong bullish setups off the weekly or we can wait for price to break above our resistance trendline. We will then wait for a retrace and for 104.00 zone to flip as support.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly and 30min 200MA. We will then wait for a retrace and for the 103.800 zone to flip as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we need to see price find strong support at our key weekly level at 103.860. We can aggressively enter on strong bullish setups off the weekly or we can wait for price to break above our resistance trendline. We will then wait for a retrace and for 104.00 zone to flip as support.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly and 30min 200MA. We will then wait for a retrace and for the 103.800 zone to flip as resistance. Enter on strong bearish setups.