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.
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Happy Trading
Mr Price Action
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