EUR/JPY H4 Our Expectations: Medium-term long trend, correction to diagonal support. Opportunity for long positions with stop 123.80
Alternative scenario: If the price fails to keep its levels and breaks through the diagonal support, the correction may be deeper, following a 61.8% Fibonacci test around 123.64. Breakthrough at these levels and will follow a test of the support around 123.00
Comment: Long trend, with the price at the horizontal and diagonal supports. At these levels is also 50% Fibonacci, which makes them even more significant. Price action signal from pin bar with long shadow for stop hunting. This movement triggers the stops of the short orders, thus accumulating purchases. DeMarker turns from an over-sold zone, signaling the end of the correction. TD Demark counted 9, which is our last factor for entry from current levels.
Stop Loss: 123.80
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