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Flag on USD/JPY

Flag on USD/JPY

On Wednesday, August 15, aggressive sales were observed on the USD/JPY currency pair. The trading tool updated local extremes. The current technical pattern indicates a further drop in USD/JPY. At the moment, the classical figure of Flag (H1 timeframe) has been formed, which is a continuation form of the current trend. The level of 110.700 is the local support. We recommend you to pay attention to this situation.

If the price fixes below the level of 110.700, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the support level of 110.450. The movement is tending to 110.150-110.000. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2018.08.17

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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