50.0% - 61.8% Correction Zone on USD/JPY

50.0% - 61.8% Correction Zone on USD/JPY

There is an interesting technical pattern on the USD/JPY currency pair. The trading instrument has recovered most of the losses after a sharp decline in late July. At the moment, quotes are consolidating near the "mirror" support level of 111.500. The USD/JPY currency pair is tending to decline. We recommend you to pay attention to this situation.

If the price fixes below the level of 111.500, it is necessary to consider sales of USD/JPY. The closest target for profit taking is the support level of 110.750. In the medium term, USD/JPY can reach the level of 110.150-109.500. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.08.02

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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