USD/JPY: time frame D1
Our expectations: Middle-term upward trend, higher bottoms. The price reached FiBo 50.0, diagonal and horizontal support. Couple tests of FiBo 50.0, and the price rebounded in upward direction.
Alternative scenario: If the price breaks below the diagonal support and make lower bottom, the positive scenario will be dismissed.
Comments: Price action signal: Engulfing candle at levels of FiBo 50.0 and diagonal support. The difference in the interest rates( FED 1.25% and BoJ -0.1%) makes JPY more vulnerable to decrease. Technical indicator: DeM(14) - Breaking level 0.3 and goes outside the zone of oversold.
SL: 109.40
Trader Bozhidar Arabadzhiev
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