The USD/JPY currency pair has been declining. The current technical pattern signals a further drop in the USD/JPY quotes. In the trading instrument, some classic patterns of the Price Action, Bearish Engulfing and Inside Bar, (D1 timeframe), which indicate the bearish sentiment, have been formed. At the moment, the USD/JPY currency pair is testing a "mirror" support of 109.750. We recommend paying attention to this situation.
If the price fixes below 109.750, you need to consider selling USD/JPY. The immediate goal for profit taking is a round level of 109.000. In the medium term, the USD/JPY quotes may reach 108.500-108.000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking 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.Open Account