38.2%-50.0% Correction Zone on USD/JPY

38.2%-50.0% Correction Zone on USD/JPY

Last week aggressive sales were observed on USD/JPY. The trading instrument has set new local minima. At the moment, the USD/JPY quotes are testing the 38.2%-50.0% correction zone. The "safe haven" currency is tending to decline. The local support is the mark of 112.800. We recommend paying attention to this situation.

If the price fixes below 112.800, one should consider selling USD/JPY. The immediate goal for profit taking is the support level of 112.300. The movement is tending to the demand zone of 111.850-111.650. Confirmations and entry points to the market are recommended to look for on lower timeframes. When following positions, one should use a trailing stop.

by JustForex 2018.11.22

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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