Forex USD/JPY D1 Our expectations:
Downward trend and correction to levels of serious resistance. Death cross of 50 and 200SMA, flag and set up for decrease.
Price action: Pincers at the level of resistance.
Indicators:
Test of 50% Fibonacci, the price stays below.
Price below 50 and 200SMA, MAs in a bearish formation.
DeMarker turns below 0.7
SL: 110.2.
Alternative Scenario: Breaking the price over 110.2 will probably lead to test of 61.8% Fibo, where are also the dynamic resistances.
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