USD/JPY Our expectations: Mid-term declining trend, correction to horizontal and diagonal resistances. Opportunity for short selling with SL 110.41.
Alternative scenario: If the price goes above the resistances, we could seek long positions after test of the breakaway and a confirmation from a price action signal.
Commentary: Declining movement, correction to horizontal and diagonal resistances. This level coincides with 200 SMA. Correction of the movement from the high on 06.11.2017 to the bottom on 26.03.2018 gives us a 50% Fibo - during the test of this level a double top was created - price action for a decline. DeMarker reverted and crossed out of over-bought zones - signal, that the rising movement is over. For the more conservative traders, we wait the price to break the neck line of the figure. Entry on the test of the breakaway around 108.93.
Sl: 110.41
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