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USD/JPY - Price action signal for long positions

USDJPY DAily New

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Mid-term downward trend - breakaway of major diagonal and horizontal resistance. Possibility for long positions with stop 106.18

Alternative scenario: If the price returns to the channel of the main movement this forecast will be cancelled, expecting a decrease to 105.00. A break in this area will send the pair down to the bottom.

Comment: Downward Main Trend - breakaway of multiple horizontal and diagonal resistances. The price broke its one-month consolidation, subsequently rising above the diagonal trend line. We now have a test of this trendline and of structural horizontal support, which shows buyer control over the market. Forming a price action signal from an engulfing bullish bar at support levels - a buy signal. The price made a 30% bullish engulfing correction- it provides the necessary correction and a good entry price.

SL: 106.18


 Trader Martin Nikolov

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