So last time I've published an idea for USDJPY short setup.
Of course it's still possible but here I'd like to show you guys a strong support where the prices may struggle or even reverse.
Why?
1. 50% Fibo
2. At this level MAs 50 and 200 are really close to each other (they often act as support/resistance)
3. Lesser round number (120.200)
4. Possible hidden divergence seen on RSI
5. Nice AB=CD(still not complete), where the D point ends at 161,8% Fibo of BC leg
As you see a lot is going on there so watch this level - a candlestick formation (even on M15 or M30) may cause a reversal.
Of course it's still possible but here I'd like to show you guys a strong support where the prices may struggle or even reverse.
Why?
1. 50% Fibo
2. At this level MAs 50 and 200 are really close to each other (they often act as support/resistance)
3. Lesser round number (120.200)
4. Possible hidden divergence seen on RSI
5. Nice AB=CD(still not complete), where the D point ends at 161,8% Fibo of BC leg
As you see a lot is going on there so watch this level - a candlestick formation (even on M15 or M30) may cause a reversal.
