USDJPY - Overview Week Commencing 13th Feb 2023
Overview:
Price is around the EMA's so there isn't too much directional bias yet however price has recently broken out of a downwards trend and has started to make a move to the upside which is giving me more of a bullish perspective on this pair. For now I don't see a setup as I think that we need to wait a little longer for price to show us where it's heading.
Long Setup:
If price is able to break above the area of resistance and it retests it for support then there could be some possibilities to enter long on this pair but first we need to wait for the break and retest of that resistance level for support.
Short Setup:
If price makes a move to the downside and breaks past the area of support and retests it for resistance then there would be some opportunities to enter short on this pair but first we need to see the break and retest of the level of support and price needs to be below the EMA's as well.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!
Price is around the EMA's so there isn't too much directional bias yet however price has recently broken out of a downwards trend and has started to make a move to the upside which is giving me more of a bullish perspective on this pair. For now I don't see a setup as I think that we need to wait a little longer for price to show us where it's heading.
Long Setup:
If price is able to break above the area of resistance and it retests it for support then there could be some possibilities to enter long on this pair but first we need to wait for the break and retest of that resistance level for support.
Short Setup:
If price makes a move to the downside and breaks past the area of support and retests it for resistance then there would be some opportunities to enter short on this pair but first we need to see the break and retest of the level of support and price needs to be below the EMA's as well.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!