USD/JPY: Long-term rising movement, short-term correction and new short-term declining impulse.
Risind price tendency: higher highs and higher lows - as this tendency is still on play, the long will remain.
Higher high on this bar compared to the previous, after slight correction.
The indicators are in positive territory, signalling for positive sentiment.
20 EMA above 50 EMA, price under 20 EMA and the long is more likely.
Danger: Today we expect data for the ADP at 15:15 local time and the FOMC Minutes on the interest rates at 21:00. We expect higher volatility during the news, however, the movement remains long and there's a possible test at 112.70 levels.
Alternative scenario: If the price goes under 111.47, there could be a new short option.
Stefan D. Angelov - Head of Stocks Trading
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