USD/JPY 26.10.2016 H4 chart.
Short term uptrend and correction.
Price close and above horizontal and diagonal supports.
Second test of the neckline of the reversed Head and Shoulders - trend confirming formation.
Candle sticks formation: pin bar at levels of support and bullish engulfing bar
Technical indicators:
CCI(50) below 100, as crossing above 100 will confirm the long signal
Price above SMA50 and SMA200 ordered in bullish formation - positive signal
SL 103.50
Alternative scenario: If price goes back below supports this will negate the positive formation.
Jr. Trader Nikolay Georgiev
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