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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more
How to Become a Forex Trader in Indonesia
Starting trading currencies in Indonesia is as easy as in the rest of the world. All you need to do is spend a few minutes of your time on opening a trading account and going through the verification process. However, this is hardly enough to start making money, let alone make a living out of forex trading. To learn about the best ways to trade currency in Indonesia, read this article.
Read more
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more