Yesterday in the US trading session, the USD/JPY currency pair kept the key support at 108.50, which triggered aggressive purchases. The growth of quotations exceeded 100 points. The trading tool has updated local extremes. At the moment, the price is testing the 61.8% correction zone. The USD/JPY quotes have the potential for further recovery. The local resistance is the level of 109.200. We recommend you to pay attention to this situation.
If the price fixes above the level of 109.200, a correction of the USD/JPY currency pair is expected. The immediate goal of profit taking is the level of 109.600. In the medium term, the USD/JPY currency pair may reach the level of 110.00-110.50. When following a position, one should use 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.