codex65

USDJPY next week setup

FX:USDJPY   USA-dollar/Japansk yen
Time frame is very important in your setup for this pair. There are two descending channel with short 1hr timeframes that you could profit with short positions but require periodic lookout. There is also a long-term ascending channel with 4hr timeframe. Considering the strong resistance zone created since April 16th, you would want a strong bullish confirmation and breakout above the resistance zone to trade long positions in the 4hr timeframe. Alternatively, a bearish confirmation that will respect with resistance zone and break down and away from the 4hr channel will support long-term(4hr) short positions and also further support short time trades with 1hr timeframe descending channels.

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