USDJPY: Complete Indecision, Here’s What To Watch 🇺🇸🇯🇵
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.
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