USDJPY: Longs To 109.000!
Daily Time Frame: We can see price creating a double bottom formation at 107.000 key psychological support. Also notice on the second bounce how price created a morning star reversal formation.
Scaling down to the 4hr time frame, we can see that this market has been ranging between 107.000-109.000 key psychological. If price comes down one more time to 107.000 support and show some signs of rejection, then we can look to buy this up to 109.000 resistance. However, if price violates this support and close below, we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
Scaling down to the 4hr time frame, we can see that this market has been ranging between 107.000-109.000 key psychological. If price comes down one more time to 107.000 support and show some signs of rejection, then we can look to buy this up to 109.000 resistance. However, if price violates this support and close below, we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
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