Inside Bar on USD/JPY

Inside Bar on USD/JPY

The USD/JPY currency pair is consolidating. There is no defined trend. The current technical pattern signals the development of downtrend. A classic pattern of the Price Action, "Inside Bar" (D1 timeframe), has been formed in the trading instrument. At the moment, USD/JPY quotes are testing the support level of 105.10. We recommend paying attention to this situation.

If the price fixes below 105.10, the USD/JPY currency pair is expected to fall. The nearest goal for profit-taking is 104.20. In the medium term, a trading instrument may reach the 103.10-101.20 zone. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex 2020.09.01

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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