Welcome once again, family and let's see what we have on USD/JPY for this week.
As it can be clearly noticed from the setup, the Japanese Yen got really strong around Friday last week. If we take a look at all JPY pairs, we can witness a dramatic rise of the JPY in the relationship with other currency pairs. The price of USD/JPY is currently sitting on an important zone of support. Taking a close look, we can see that a decent sideways moving range has been formed. We are now expecting for the price to consolidate a little bit, gain some momentum and keep rising. The target will be set at a zone of resistance identified on the chart which aligns with the 50% Fibonacci retracement level.
Follow the principles of risk management and trade safely, fam!
As it can be clearly noticed from the setup, the Japanese Yen got really strong around Friday last week. If we take a look at all JPY pairs, we can witness a dramatic rise of the JPY in the relationship with other currency pairs. The price of USD/JPY is currently sitting on an important zone of support. Taking a close look, we can see that a decent sideways moving range has been formed. We are now expecting for the price to consolidate a little bit, gain some momentum and keep rising. The target will be set at a zone of resistance identified on the chart which aligns with the 50% Fibonacci retracement level.
Follow the principles of risk management and trade safely, fam!
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