Consolidation is formed. In my opinion, the higher the probability of a breakthrough down due to the overall strengthening of the US dollar.
A breakdown of the medium-term support level with a target in the region of 1.1250 is possible.
Perhaps the descending Model "Head and shoulders" will form. The target level can be around the support level of 0.7350.
Possible scenario of events. Move up to the first target level. Rollback to the previous resistance level. Then continue the long-term trend up.
It is possible to form a long-term consolidation between the support / resistance level. In my opinion, the probability of continuing an uptrend is more likely to reverse the long-term trend downward.
Against the backdrop of strengthening bitcoin, a breakdown of the support level may lead to the continuation of the downward trend of the cross.
Possible scenario. Move down to the level of upward support for consolidation. Then the growth and breakdown of the consolidation are up.
A breakout up a small range may lead to a continuation of the uptrend.
After working off short-term consolidation, it is possible to return to the level of support.
Two waves of continuation of the downward correction.
A breakdown of consolidation can lead both to the reversal of the medium-term trend downward, and to the continuation of the upward trend towards a long-term level of resistance.
The breakdown of consolidation is more likely up.
It is possible to form a long-term model of the head and shoulders with a target level in the area of the level of long-term support.
Three strategies for opening long-term long positions: 1. Rollback of 30% - buy and hold. 2. Rollback of 50% - buy and hold. 3. Bad news - the price falls, wait. Bad news - the price is stable or the price grows, buy and hold.
Now several trading scenarios are possible: 1. Open a short position with a target level of the area you are upward supporting consolidation. 2. The opening of a long position based on the breakdown of the downside of consolidation resistance and the breakdown of several long-term resistance levels.
The JPY rate is in the region of long-term support. There are two scenarios. First: breakdown of the level of support with further movement down to area 102. Second: return to the level of resistance to the area of 114.50. Due to the situation with the stock indices and the GBP/JPY cross, the first scenario is more likely. A good entry point for opening a short...