Flag on USD/JPY

Flag on USD/JPY

Last week, the USD/JPY currency pair moved away from annual highs. The trading instrument has updated local extremes. The current technical pattern indicates a further correction of the USD/JPY quotes. On the hourly timeframe, the classic "Flag" figure has been formed, which currently signals the development of bearish sentiment. The level of 110.600 is local support. We recommend paying attention to this situation.

If the price fixes below 110.600, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the support level of 110.250. The movement is tending to 110.000-109.650. When following a position, we recommend using a trailing stop.

by JustForex 2019.02.21

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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