Pennant on USD/JPY

Pennant on USD/JPY

During last two weeks, the bearish sentiment has been prevailing on the USD/JPY currency pair. At the moment, a classic figure of the technical analysis Pennant (H1 timeframe) has formed, which often appears as a form of continuation of the current trend.

If the USD/JPY quotes fix below the local support of 111.150, we recommend you to look for entry points to the market in order to open short positions. When tracking the position, it is better to use a trailing stop.

The movement is tending potentially to the local demand zone of 110.300-110.500.

by JustForex, 2017.05.29

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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.