GBP/JPY 21.12.2016
Time frame D1
Lon-term downtrend, middle-term uptrend, the price has reached and stopped at FiBo 50.0 and diagonal resistance.
Price action signal: Pin bar at leve s of FiBo 50.0 and engulfing bearish candle
Technical indicator:
DeM(14)- Turned down from overbought zone and pierced down level 0.7 - The negative scenario is confirmed.
SL: 148.30
Alternative scenario: If the price breaks over FiBo 50.0 , the negative scenario will be dismissed.
jr_Trader_B_Arabadzhiev
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