FX forecast / CHF/JPY / Our expectations
Middle-term upward trend, higher bottoms and higher tops. The price made correction to levels of horizontal and diagonal support and FiBo 38.2 Fake break out of SMA 50, FiBo 38.2 and diagonal support and pullback of the price above the support level shows that the bear aren't powerful enough to reverse the middle-term movement. Price action signal: Pin bar at levels of diagonal support and SMA 50. Technical indicator: CCI(50) - Unsuccessful break of level 0 shows that the positivism is still on the market. The price remains above SMA 200 - positive signal.
Alternative scenario: If the price breaks below the zone of support and make lower top, the positive scenario will be dismissed.
SL: 114.65
Trader Bozhidar Arabadzhiev
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