The 61.8% Correction Zone on USD/JPY

The 61.8% Correction Zone on USD/JPY

Last week USD/JPY showed a positive trend. The trading tool has updated local extremes. At the moment, the USD/JPY quotations are consolidating. The price is testing the 61.8% correction zone. The USD/JPY currency pair has the potential for further recovery. The local resistance is the level of 106.800. We recommend you to pay attention to this situation.

If the price fixes above the 106.800 mark, one should look for entry points to the market to open long positions. The immediate goal for profit taking is the resistance level of 107.250. In the medium term, the trading instrument may reach the level of 107.850-108.400. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.02.26

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

Get Free Analytics

* required fields
Last Articles
All Articles
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more
Best Time for EUR/USD Trading
EUR/USD covers two leading economies, including European and American. It obtains more than half of the total trading volume on the Forex market. Let's review the key factor impacting the EUR/USD volatility.
Read more