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USD/JPY is currently trading in the area of 50% Fibonacci, indicating the continuation of the bearish trend:
Yesterday during the US session, a slight increase was recorded in the US dollar, which in all actuality, did not play into the hands of short positions in USD / JPY. Despite that, the yen was able to hold quite decently, having volatility around 30 pips, and remaining in the sell zone from the August 28 impulse.
Thus, the short scenario was not canceled, and a new target profit was set, which is at price level 106.5. In addition, the yen left a double top in the price chart, since it failed to reach a new high after Fed chairman Jerome Powell's speech on August 27:
So, yen now has two targets - above 107 and below 105.1.
If we follow the idea and forecast last August 31 , USD / JPY will decline to a price level of 105.1.
However, if traders start to put stops at 107, then the pair will rise and maybe even breakout of price level 107.
With regards to the short scenario, there is no need to wait for losses to be realized at 107. Instead, limit them at 106.5.
Of course, controlling the risk is important, so as to avoid losing profit.
Best of luck! Have a nice day!
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