USDJPY 30min Analysis February 23rd, 2021
Price has retraced back to our key weekly level of 105.370 after a strong rejection during the NY session today.
Trade Scenario 1: Bullish - For us to go long we need to see price break above our key weekly with conviction. We will then wait for a retrace and for our weekly level to act as support. We will enter long on strong bullish setups at or above 105.370, first targeting previous highs around 105.800.
Trade Scenario 2: Bearish - For us to go short we need to see price reject off our key weekly once again. We will then look to enter on strong bearish setups off the weekly. First targets around previous low of 104.950
Trade Scenario 1: Bullish - For us to go long we need to see price break above our key weekly with conviction. We will then wait for a retrace and for our weekly level to act as support. We will enter long on strong bullish setups at or above 105.370, first targeting previous highs around 105.800.
Trade Scenario 2: Bearish - For us to go short we need to see price reject off our key weekly once again. We will then look to enter on strong bearish setups off the weekly. First targets around previous low of 104.950