USD/JPY: Medium term short move and short term long.
Long term Trend is Long, the price corrected down to Fib 50%
New long move up in the short term, higher low and new higher high, signal for possible reversal of the medium term price tendency from short to long move.
Correction of the previous up impulse - new good levels for long from here.
The indicators are in positive territory
Several long tales/bar shadows from above, which shows signal for caution, and therefore the SL needs to be below the low.
SL: 104.90
The fundamentals are against the JPY. The expectations are for new stulumus from the BOJ, which will have a negative impact on the currency and it will weaken. Every good correction lower will be seen as a good opportunity to buy.
Stefan D. Angelov - Head of Stocks Trading
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