AUD/JPY:
Date: 2 November, 2016
H4 Graph: Long Trend
The price made a correction after reaching the high of 80.560 down to horizontal support at 78,900 and here there is Fib level of 38,2%. The long diagonal support also comes in just below the price to support it. The pair makes higher highs and higher lows.
Price Action: Pin bar at a level of support - Signal for long
Alternative Scenario: If the price breaks to the down side below the diagonal support and Fib 38,2, this will cancel the bullish view.
Technical Indicator:
DEM (14): - Closer to the oversold zone
Price for Entry long around: 79.100
SL: 78.650
Jr. Trader - S. Fuchedzhiev
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