At the moment, the technical pattern on USD/JPY indicates the development of corrective movement. Near the local support of 110.650, a number of classic patterns of Price Action, Pin Bar and Outside Bar (Timeframe H1) were formed. In the near future, "bullish" sentiment may prevail on the USD/JPY currency pair. We recommend you to pay attention to this situation.
If the price fixes above the round level of 111.000, you need to look for entry points to the market to open long positions. The closest target for profit taking is 111.300. In the medium term, USD/JPY may reach a resistance level of 111.700.
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.Open Account