USDJPY Long Idea Weekly Trend: Bearish
Daily Trend: Bearish
4hour Trend: Bullish Trade scenario 1: Overall price action is bearish on higher timeframes but the 4hour timeframe has recently turned bullish . Ideally we want to see price action form structure at our 38.2% fib level near 103.700. Target higher toward negative fib levels after bullish confirmation. Trade scenario 2: For us to consider short scenarios we need to see a break and retest of 103.700. At this point price action would be resuming the overall bearish trend . Look to enter short after a confirmed lower high below 103.700 & target lower toward major support.