The current technical pattern signals a possible correction of the USD/JPY currency pair after a prolonged fall. A classic reversal formation, the divergence of price and the MACD histogram (H1 timeframe), has been formed in the trading instrument. At the moment, the USD/JPY quotes are stable. The round level of 105.00 is the nearest resistance. We recommend paying attention to this situation.
If the price fixes above 105.00, the USD/JPY currency pair is expected to grow. The nearest goal for profit-taking is 105.35-105.65. The movement is tending to 106.15. Confirmations and market entry points should be looked for on lower timeframes. We recommend using a trailing stop when following positions.
by 2020.07.31
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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