USD/JPY: Long term daily uptrend and correction to 50% Fibonacci level.
Mid term downward movement and short term uptrend.
Short term uptrend is active as price is traded above 13 ЕМА.
Moving averages in bullish formation
Indicators are in bullish territory, but in overbought zone. This come to show that sentiment is strong positive in short term, as the upward movement was sharp. There are possible profit taking and test of the break, as we place long orders little under the current price (Buy Limit) and stop loss little deeper under the support.
Fundamental: Shinzo Abe election increases the probability for new monetary stimulus, which lead to decrease of the yen.
Stefan D. Angelov - Head of Stocks Trading
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