The Price Action patterns indicate a further correction of the USD/JPY currency pair after significant growth over the past two months. Near the local resistance level of 109.800, the classic pattern of Inside Bar (D1 timeframe) has been formed, which acts at the moment as a continuation of the current trend. The USD/JPY quotes are testing the key support of 108.750. We recommend you to pay attention to this situation.
If the price fixes below the level of 108.750, it is necessary to consider selling USD/JPY. The immediate goal of profit taking is the round level of 108.000. In the medium term, the trading instrument may reach the level of 107.000-106.750. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, 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.