USD/JPY - Our expectations:
Daily - The price has reached a key level of horizontal resistance, formed by a basic horizon, 200SMA and 38.2% Fibonacci correction of the main bearish trend. Available Price Action, absorbing bar - negative for the price. The current short-term fix gives us very good short position positions with a maximum short stop. Shorts are also supporting indicators. DeMarker is in the over-purchase area, and 50 and 200SMA are swinging. For a more accurate entry, it's a good idea to move on to a lesser graph.
H1 (MainChart) - The short-term upward trend is being dashed and the price is beginning to form ever lower peaks and lower bottoms. There is a Double Top formation that is activated earlier, and the price is currently testing the shape of the figure. This gives us a good positioning position with short positions and maximum shallow Stop Loss Order. The strong impulse in activating the figure indicates that the level is significant, and the current test is convenient to start building a short position.
Alternative Scenario: If the price goes above the resistance zone and stays there in several consecutive bars, the negative scenario will break and we are more likely to see a rise in the pair's price.
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.