USDJPY intraday:
looks very interesting from both - bulls and bears perspective.
looks very interesting from both - bulls and bears perspective.
Right now we are testing ( broken to the upside ) top of the channel on daily chart. So we do expect bulls may show up their hands here. Failure here could encourage bears and fall back twds 102.40/30 will be possible. Now the important thing will be daily close - above current level ( 103,20 ) would be bullish ( treated as a retest of broken channel ), below 103,20/103,00 would be bearish as we are going to have close back inside the channel.
Also, on the intraday chart below we can see bears failure with small H&S pattern last Friday but bigger H&S could be in play ( also visible on the chart below ). Too many if's :).
In short: intraday bulls are trying here around 103,2 or lower towards 102,40/30 with 103,90/104 as target. Bears are waiting either for the daily close below 103,20/00 or rally towards 103,90/104. As a bear I would not trade intraday break of 103.
Please let us know should you have any additional questions or you would like to discuss other crosses as well. We are here to help you, just contact us at: landoftradingATgmail.com.
Happy Trading
Mr Price Action
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