FX forecast / EUR/JPY / Our expectations
Long-term upward trend, higher bottoms and higher tops, middle-term consolidation. The price reached the bottom part of the channel, where are crossing SMA 200, horizontal support and FiBo 61.8. Fake breakout of SMA 200 for SL hunting afterwards the price pulled back above the level. Price action signal: 2 pin bars at levels of horizontal support, SMA 200 and FiBo 61.8. Technical indicator: In zone of oversold and reversed north direction, when break level -100 the negative sentiment will weakens. The price remains above SMA 200 - positive signal.
Alternative scenario: If the price breaks below the level of support, the middle-term trend will become short and the positive scenario will be dismissed.
Trader Bozhidar Arabadzhiev
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