The 61.8% Correction Zone on USD/JPY

The 61.8% Correction Zone on USD/JPY

Last week USD/JPY showed a positive trend. The trading tool has updated local extremes. At the moment, the USD/JPY quotations are consolidating. The price is testing the 61.8% correction zone. The USD/JPY currency pair has the potential for further recovery. The local resistance is the level of 106.800. We recommend you to pay attention to this situation.

If the price fixes above the 106.800 mark, one should look for entry points to the market to open long positions. The immediate goal for profit taking is the resistance level of 107.250. In the medium term, the trading instrument may reach the level of 107.850-108.400. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.02.26

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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