FX forecast /USD/JPY/ Our expectations:
Downward movement and price correction to resistance levels
Price of diagonal resistance and 50% Fibonacci correction
50SMA below 200SMA - Negative for the price
Price Action: Bears Indoor bar with a 50% correction of the formation - strongly negative for the price
Dem(14) - turned and pointing down from an overpurchase zone
SL: 113.62
Alternative Scenario: If the price broke the diagonal resistance and the Fibonacci 50% level, the negative scenario will break and we are more likely to see the pair grow.
Jr Trader Petar Milanov
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