USDJPY Forex Analysis 12 July to 16 July 2021
We highlighted the possibility of falling back into the channel this week, price fell back into the channel and is now retesting the bottom range of the channel. In the coming week, we expect price to continue to exhibit indecisiveness. The mid to long term bias is still to the upside and hence we will have a slight bias to go long.
BULL CASE:
For the bull case to play out, it needs to find support the the bottom of the range of the channel and find sustainable moves up toward the top of channel before breaking out. We’d wait for a confirmation candle to the upside before entering a long.
BEAR CASE:
The price may first need to trigger liquidity before price can find more upside. In the case, the price might find some support at around the 107.50 level before fulfilling the bull case.
