USD/JPY: 29.03.2017 D1 chart.
50% Fibonacci correction of the upward movement after Trump election.
Two big down shadows and bullish engulfing - probability for an end of the correction and a new upward impulse.
Price above diagonal and horizontal supports and false breakout below - positive signal.
DeM(14) below 0,3 and a probable reversal - buy.
We can wait for a correction around 110,55 for a smaller stop loss to minimize risk.
SL 109,50
Alternative scenario: Break below the 50% Fibonacci level and below the shadows of the last two bars will cancel the bullish scenario.
Trader Nikolay Georgiev
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