USD/JPY:
USD/JPY D1 icon price formed a pullback after opening at a new high. The current trend is still in an uptrend. The yen will continue to depreciate. But after such a huge rise. It is predicted that the price will form a very large correction.
The price on the H1 chart briefly fell after hitting the overhead resistance. The Fibonacci backtest price has also broken through 0.382 and is heading for the 0.618 position. If the price touches the Fibonacci backtest of 0.618, don’t rush to go long. What needs to be watched is whether the price shows signs of a sustained breakout to form a larger pullback.
Order suggestion:
Slightly short to catch the callback. Go long on the low entry.
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.
