On the USD/JPY currency pair, the bullish sentiment is prevailing. The current technical pattern signals a further increase in quotes. A classic Price Action pattern, Inside Bar, (H1 timeframe) has been formed in the trading instrument, which at the moment acts as a formation for the continuation of the upward trend. The USD/JPY quotes are testing the local resistance of 106.400. We recommend paying attention to this situation.
If the price fixes above 106.400, the USD/JPY purchases should be considered. The immediate goal for profit-taking is the resistance level of 106.750. In the medium term, the trading instrument may reach 107.250-107.500. Confirmations and market entry points must 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