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USDJPY 4Hour Analysis January 10th, 2020

Long
FX:USDJPY   Dollar Américain / Yen japonais
USDJPY Long Idea

Weekly Trend: Bearish
Daily Trend: Bearish
4hour Trend: Bullish

Trade scenario 1: Overall price action is bearish on higher timeframes but the 4hour timeframe has recently turned bullish. Ideally we want to see price action form structure at our 38.2% fib level near 103.700. Target higher toward negative fib levels after bullish confirmation.

Trade scenario 2: For us to consider short scenarios we need to see a break and retest of 103.700. At this point price action would be resuming the overall bearish trend. Look to enter short after a confirmed lower high below 103.700 & target lower toward major support.

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