USD/JPY - Possible long trade formation on the daily?
We can see from the yellow lines that I have drawn this is a dynamic support and resistance range the USD/JPY has been in for a long time. I noticed strong bearish momentum followed by a long swing indicating bearish bias is no longer in control meaning a possible reversal long as momentum could potentially change. I plotted a trend line which seems to be respected at this current moment in time. Waiting for price action to confirm this bias by a breakout of the trendline with a bearish momentum candle.
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