EUR/JPY D1 Our expectations:
Short trend and medium term long correction. The price has reached a zone of serious resistance and gives a signal for reverse. Current levels give a good opportunity for new short positions with the trend and a good risk/reward ratio
Indicators:
Price below 23.6% Fibonacci and holds below.
Price above 50SMA and below 200SMA.
DeMarker overbought.
Sequential gives 9 for decrease.
SL: 122.50
Alternative scenario: Verified break above 122.50, means a new high, a breakthrough 200SMA and probably will lead the price around 124
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