Rising Wedge on USD/JPY

Rising Wedge on USD/JPY

At the moment, the bullish sentiment prevails on the USD/JPY currency pair. Nevertheless, correction is not excluded in the near future. A classic reversal figure of the technical analysis "Rising Wedge" (timeframe M30) was formed in the trading instrument. Local support is the mark of 111.100. We recommend you to pay attention to this situation.

If the price fixes below the level of 111.100, one should look for entry points to the market to open short positions. The closest target for fixing profits is the 110.700 mark. Within a few days, the USD/JPY currency pair may reach the support level of 110.250. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.09.18

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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.