USD/JPY
Time frame: H4
Technical Analysis: After the price pushed back from channel support, it managed to easily break through the 23.6% Fibonacci level reaching the next strong resistance level at 38.2% Fibonacci level. Throughout the night, the price was consolidating to form a Flag formation. Once we see a clear break of 38.2% and flag resistance, we can get into a new "buy".
Indicators: The price is below 200 and 50 EMA as they play a role of resistance.
DeM - In overbought values and for the time being, it does not give clear signals for reversing the move.
Entry into Deal: Only after breakthrough of Flag formation and 38.2% Fibonacci
SL: 110.20
Alternative scenario: In the event of a flag break in the opposite direction, the price will continue to decline to 23.6% on Fibonacci.
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