Retest of "Mirror" Support on USD/JPY

Retest of Mirror Support on USD/JPY

The USD/JPY currency pair has been growing after a continuous consolidation. The trading instrument has updated local highs. The current technical pattern signals further recovery of quotes. The safe-haven currency has kept the "mirror" support level of 108.450. The local resistance is the 108.850 mark. We recommend paying attention to this situation.

If the price fixes above the resistance level of 108.850, further correction of the USD/JPY quotes is expected. The immediate goal for profit taking is the 109.250 mark. The movement is tending to 109.600-109.900. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex 2019.06.11

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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