USD/JPY: Potential Long Setup as Price Tests Support Area FIBO
The USD/JPY currency pair is currently experiencing a persistent bearish trend, which is evident from the price movements. Although the price has been rejected multiple times from the bearish trendline, a recent pullback occurred yesterday at a previous support area, in confluence with the Fibonacci level of 50%. This has opened up the possibility of a correction in the bearish trend, which could potentially lead to an upward movement in price. In fact, if this correction does occur, the price may move above the dynamic trendline, thereby setting up a long trading opportunity.
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