Forex: USD/JPY with "buy" opportunities from current levels

23.04.2019 / 10:38

Rating:

USD/JPY

Time frame: H4

Technical Analysis: The chart shows that the price of the currency moves in the upward direction. Overnight the price managed to make a correction to strong support (the orange trend line). At the same time, the price managed to break through strong resistance ( the bright blue trend line), as it is already backing. The two trend lines crossed at level 111.65 to where the price corrected and failed to break in the downward direction. This is a strong signal that from here the upward movement will recover and will continue until the next strong resistance level of around 112.80.

Indicators: At this stage, the price is over 50 and 200 EMA, and they play a strong role.

DeM - The over-sold territory that supports the "buy" scenario.

Aggressive Entry In Deal: From Current Levels.

Conservative Entry In Deal: When the price corrects to the orange trend line.

SL: 111.50

Alternative Scenario: If the price can break through the above-mentioned support, it will continue to decline to 111.00

Trader Milko Zashev

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Forex: USD/JPY with "buy" opportunities from current levels

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