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Flag on USD/JPY

Flag on USD/JPY

Last week, the USD/JPY currency pair kept a "mirror" resistance level of 111.700, which caused the bearish sentiment. Technical analysis indicates a further correction of the trading instrument. At the moment, the classical figure of Flag (M30 timeframe) has been formed, which is a continuation form of the current trend. The 111.250 level is the local support. We recommend you to pay attention to this situation.

If the price fixes below the level of 111.250, you need to look for entry points to the market to open short positions. The closest target for profit taking is the support level of 110.850. The movement is tending to 110.600-110.250. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2018.08.06

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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