At the moment, USD/JPY is consolidating near the monthly highs. In the near future, a technical correction is not ruled out. A classic reversal formation of the price and MACD histogram divergence has been formed on the trading instrument (H1 timeframe). Local support and resistance levels are 112.800 and 113.100, respectively. We recommend you to pay attention to this situation.
If the price fixes below the "mirror" support level of 112.800, one should look for entry points to the market to open short positions. The closest target for fixing profits is 112.500-112.200. In the medium term, the USD/JPY currency pair may reach 111.750-111.350. 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