USD/JPY at a huge resistance levels

USD / JPY Forex Technical Analysis D1 | Our expectations:

Trend – short, medium movement long. The price has reached an extremely strong level of resistance, which gives a good opportunity for near-stop entry and good risk/reward ratio.

Price in area of ​​diagonal and horizontal resistance.

Price action: Pin bar of a resistance level

Price above 50 and 200SMA
Test of 50% Fibonacci.
DeMarker in neutral territory.

Fundamentals: Traders are worried about a possible resumption of geopolitical tensions between the US and Iran. The fact that the United States are still aggressively against Iran and continues to hold a firm line helps create a search for safe havens.

SL: 110

Alternative scenario: Breaking above the resistance will spoil the negative scenario for the couple.

 Trader Georgi Bozhidarov

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