USDJPY 30min Analysis February 11th, 2021
Price continues to consolidate around our weekly zone and is forming a bullish structure.
Trade Scenario 1: Bullish - For us to go long we need to see price break above 104.800. We can aggressively enter on the breakout or be patient and wait for a retest of 104.800 to flip as support.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our weekly zone of 104.550. We will then wait for a retrace and for 104.550 to flip as resistance.
Trade Scenario 1: Bullish - For us to go long we need to see price break above 104.800. We can aggressively enter on the breakout or be patient and wait for a retest of 104.800 to flip as support.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our weekly zone of 104.550. We will then wait for a retrace and for 104.550 to flip as resistance.