USDJPY remains bullish

USDJPY D1 | Our expectations:

Short-term uptrend and price slightly below 76.4 Fibonacci on downward movement from October 2018 to January 2019 / fx flash crash /. Current fluctuations will hardly drive out the bulls, and the movement is likely to remain. The positioning is most appropriate with long positions in the zone between the horizontal support at 111.12 and SMA200 – 111.34 with SL 110.52.

DeM (14) remains in an overbought area but the last turn of the indicator points up again and probably the indicator will stay in a shuffled market at least for some time.

It is likely that the price will test the last peaks in zone 113,78 and 114,70.

Alternative scenario: A full body bar closed below 61.8 Fibo and under the diagonal support of the trend can tilt the scales and see deeper correction to 50SMA and Fibo 50%.

 Trader Nikolay Georgiev

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