The current technical pattern signals a possible correction of the USD/JPY currency pair after a sharp growth since the beginning of July. In a trading instrument, a classic reversal formation has been formed – the price and MACD histogram divergence (М30 timeframe). At the moment, the USD/JPY currency pair is consolidating. Local support and resistance levels are 108.800 and 109.000, respectively. We recommend paying attention to this situation.
If the price fixes below 108.800, you should consider selling USD/JPY. The immediate goal for profit taking is 108.600-108.450. The movement is tending to 108.300-108.150. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account