USD/JPY: Possible long after solid bottom and 3rd test on support

19.09.2016 / 14:58

Rating:

USD/JPY:

Date: 19 September, 2016

H4 Graph: Medium term short, Short term long with tendency this long move to be kept up

The price has made a solid bottom at level of $100,00. After the impulse for long, the price made a correction down and went into a consolidation between 103,10 и 101,50. At the moment the price is at a diagonal support. 3rd high low on level of 101,90/102,00. This levels coincides with FIB 50% of the previous move long as well. This is a good place for long with small SL,

Alternative Scenario: If the price breaks below the diagonal support and below the horizontal support at 101.70 it may cancel this scenario.

Technical Indicator:

DEM (14) - Near zone of oversold and turns up for long

Centiment: It is expected that BOJ will lower the rate and increase the stimulus at its meeting on Wednesday. We expect that the JPY will fall and we expect USD/JPY to go higher.

Price for Entry Long around: 101,90

SL: 101.20

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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USD/JPY: Possible long after solid bottom and 3rd test on support

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