FX Forecast / USD/JPY / H4 - Our Expectations
In view of the geopolitical tensions in the Middle East, it is good to look for appropriate positioning with Safe Haven tools. Maybe you're wondering is not it already accumulated? No, we still have a lot to see, the US will not leave it without a hit. A quick look at the crosses with JPY shows that USD / JPY gives us good levels for Short with a very good risk/return ratio.
Technical View USD/JPY H4
The main trend is Short. Price correction to 38.2% Fibonacci correction, Double Top formation, breakthrough core diagonal line (Can be considered as D1 flag). Price Action - Pin bar after the punch test. The RSI 14 has pierced 50 and is kept below it - the downward impulse is in effect. Against the short idea remain the average - 50 over 200SMA.
SL: 107.543
Alternative Scenario: If the price goes back over the last high and stays there in a few bars, the negative scenario will break and we're more likely to see the pair grow.
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