The USDJPY is currently consolidating in a tight range on the 4-hour chart. Depending on how the price reacts, there are two possible scenarios.
In a bearish scenario, traders should wait for a bearish breakout on the 4-hour timeframe and a close below the support level at which point a continuation to 150.24 is expected.
On the other hand, in a bullish scenario, a breakout above the strong horizontal resistance with a close above it could signal a strong bullish move higher.
There are important fundamental news expected tomorrow which could act as a catalyst for a breakout.
In a bearish scenario, traders should wait for a bearish breakout on the 4-hour timeframe and a close below the support level at which point a continuation to 150.24 is expected.
On the other hand, in a bullish scenario, a breakout above the strong horizontal resistance with a close above it could signal a strong bullish move higher.
There are important fundamental news expected tomorrow which could act as a catalyst for a breakout.
Join our Telegram channel for daily market update 👇👇
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999