Retest of "Mirror" Support on USD/JPY

Retest of Mirror Support on USD/JPY

The bullish sentiment prevails on the USD/JPY currency pair. The trading instrument reached key extremes. The current technical pattern signals a further increase in quotes. The USD/JPY currency pair has kept a "mirror" support level of 108.400. At the moment, the safe-haven currency is consolidating. The local resistance is the 108.850 mark. We recommend paying attention to this situation.

If the price fixes above the resistance level of 108.850, further growth of USD/JPY quotes is expected. The immediate goal for profit taking is 109.300. The movement is tending to 109.700-110.000. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex 2019.10.28

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.

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