USD/JPY reverse perfectly as expected, stay bearish for further decline of the

The price has started to reverse perfectly from our sales area as expected. We remain bearish looking to sell below 112.65 resistance (Fibonacci retracement, horizontal overlap of the resistance, the bearish divergence) for a new decline towards 110.90 support (Fibonacci retracement, horizontal overlap support).

RSI (55) sees a bearish divergence signaling that a strong recovery is imminent. However, we see an intermediate support at 50%, so that a break of this level would confirm a new downward move.

Sell below 112.65. Stop loss is at 113.45. Take profit is at 110.90.

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