USDJPY-Weekly Market Analysis-Feb20,Wk4
Two trading scenario may develop from here.
1) The market may bounce off towards the upside after a bullish engulfing candle within the blue box(buy zone);
or
2) After bouncing within the box for the first time, the market may break and close below it and have a head and shoulder setup.
Personally based on the technical setup, it seems more likely for (2) to happen, but USDJPY has a notorious reputation of being influenced by news.
1) The market may bounce off towards the upside after a bullish engulfing candle within the blue box(buy zone);
or
2) After bouncing within the box for the first time, the market may break and close below it and have a head and shoulder setup.
Personally based on the technical setup, it seems more likely for (2) to happen, but USDJPY has a notorious reputation of being influenced by news.
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