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