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USD/JPY: Price reached diagonal support, but longs are risky

USD/JPY: Medium Term movement short

Price at diagonal support, levels where we can expect possible buying to take place and possible small increase in price.

Fake break of the diagonal support and new test. These levels are holding for now, which implies that long entry can be made but the position will be risky with SL below 110.26

If the price moves below 110.26, this would mean break of the flag formation in a short move, which can give us a strong signal for new short positions. Until we have break below that flag formation we can trade long.

Price is in the buy zone, althought medium term price movement is short. Possible buy, due to the long term trend is long.

DEM: is in the oversold zone, it will give us a signal for long if turns up but that signal will be lagging.

CCI: crosses above  -100, which is giving us a signal for possible short term move higher.

Stefan D. Angelov  – Head of Stocks Trading


 Varchev Traders

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