USD / JPY
Time frame: H4
Technical Analysis: Once the pair tested twice the long-term support line (yellow trend line), it headed upward, easily broke the first resistance at 23.6% on Fibonacci, reaching the next strong resistance at Fibonacci 38.2%. After a short consolidation, the price attempted to break the level in question, but without success, returning below 23.6% and breaking the short-term upward trend. From here, the price should make a new third test of the long-term upward trend line from where purchases will be more likely.
Indicators: The price is below 50 and 200 EMA, and the play a role of strong resistance at this stage.
DeM - in neutral territory and does not give clear signals about the direction of the price.
Aggressive entry: Buy Limit of 109.90
Conservative entry: A price action formation on the support that would signal that the downward movement is over.
Alternative scenario: In case of breakthrough of the long static support (the yellow trend line), the price will continue to fall to the next strong support at 109.20
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