Ascending Channel on USD/JPY

Ascending Channel on USD/JPY

At the moment, the bullish sentiment is prevailing on the USD/JPY currency pair. On the hourly chart, a pronounced ascending channel has been formed. Demand for the US dollar remains at a fairly high level. The USD/JPY quotes are tending to grow. The round level of 108.000 is the key resistance. We recommend you to pay attention to this situation.

If the price fixes above the 108.000 mark, you need to look for entry points in the market to open long positions. The immediate goal of profit taking is the resistance level of 108.400. The movement is tending to 108.750-109.000. When you follow the positions, we recommend using a trailing stop.

by JustForex, 2018.04.23

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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