On the USD/JPY currency pair, the bearish sentiment is prevailing for quite a long time. Nevertheless, a technical correction is not ruled out in the near future. A sufficiently strong reversal formation of the price and MACD divergence was formed in the trading instrument (H1 timeframe). The local resistance is the level of 106.250. We recommend you to pay attention to this situation.
If the price fixes above the "mirror" resistance of 106.250, you need to look for entry points to the market to open long positions. The closest goal of fixing profits is the mark of 106.850. In the medium term, USD/JPY can reach the supply zone of 107.500-108.00. When tracking the position, 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