EUR/JPY:
Date: 13 February, 2017
D1 Graph:
Price broke below the formation Flag, which has formed earlier and now is back to test the break point. Price remains below the horizontal and diagonal resistances and below Fibo 50% from the previous move lower. Price is also below 50 EMA.
Price Action: Doji bar at a strong horizontal and diagonal resistance levels - Possible signal for short.
DEM - Is near the oversold zone.
Alternative scenario: if the price continue to move higher and passes above the diagonal resistance and price level of 121.500, this will cancel the bearish view.
Price for Entry short around: 120.500
SL: 121.500
Trader - S. Fuchedzhiev
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