USD/JPY 28.10.2016 D1 chart.
Long term downtrend and correction to 23.6 Fibonacci.
Price below horizontal and diagonal resistances.
Japanese candle sticks signal: Dodji bar on H4 and price below the bottom shadow for probable downward movement
Technical indicators:
DeM(14) above 0,7 - overbought market, as reverse downward will confirm the short.
Sentiment: Latest declines by the indexes and in oil prices will support yen and on the other hand US dollar is overbought and might make a correction.
SL 105.95
Alternative scenario: If price goes above the resistances this will negate the negative scenario.
Jr. Trader Nikolay Georgiev
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