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The current technical pattern signals a possible correction of the USD/JPY currency pair after continuous growth. A classic reversal formation, the divergence of price and MACD histogram (H1 timeframe), has been formed in the trading instrument. At the moment, USD/JPY quotes are stable. A round level of 110.000 is immediate support. We recommend paying attention to this situation.
If the price fixes below 110.000, USD/JPY sales should be considered. The immediate goal for profit-taking is 109.700. The movement is tending to 109.450-109.000. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
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