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 resistance.
Price action: Pin bar of a resistance level
Price above 50 and 200SMA.
DeMarker in neutral territory.
Sequential gives 9 for decrease.
Fundamentals: Traders are worried about a possible renewal of geopolitical tensions in the Middle East, that could drive them to seek shelter in safe havens.
Alternative scenario: A break above the resistance zone will most likely lead to a new upward impulse.
Trader Georgi Bozhidarov