USD/JPY Weekly Analysis

UJ is in bearish trend since August 2007. However, UJ already made a resistance breakout in daily chart which give us and indication of price action is challenging it bearish trend.

UJ move in side-way since November 2010 until now. Traders may want to use side-way trading strategy or maybe stay aside until UJ break and close above 83.35 and at the same time close above Kumo at 4H chart. Refer chart attached.

Trade Idea:

1- Enter short when UJ break support and close below support on 4H chart. Stop loss (SL) at 82.35 or at any price according to traders money management.
2- It's also recommended to wait UJ move toward KS (82.35) at 4H chart and enter short when rebound. SL at 83.12.