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USD/JPY: More likely short after retest of horizontal resistance

USD/JPY

Date: 13.01.2017

Time Chart – H4

Long-term Bullish movement, Short-term Bearish movement.

The price went under the strong horizontal support in the price range of 115.300 and 114.800. Price under 50/200 EMA. Third lower peak and lower bottom.

Price Action – Doji bar on horizontal resistance and test – Possible signal for continuing of the short movement.

DEM – Near oversold market zone

Alternative: If the price reverts back and over 115.200, this scenario might be denied.

Entry Point: 114.800

SL:115.600

Trader – S. Fuchedzhiev

 


 Varchev Traders


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