During the last two weeks, the bullish sentiment prevailed on USD/JPY. Nevertheless, a technical correction is not ruled out in the near future. A sufficiently strong reversal formation was formed on the trading instrument – the price and MACD histogram divergence (H4 timeframe). The local support is the level of 113.500. We recommend paying attention to this situation.
If the price fixes below the 113.500 mark, you need to look for entry points in the market to open short positions. The immediate goal for fixing profits is a round-level of 113.000. In the medium term, USD/JPY may reach 112.250-111.750. 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.