USD/JPY:
Last week, Fed Chairman Jerome Powell completely dismissed the dovish stance and went all out to turn the hawk. This prompted the dollar to skyrocket.
From the D1 chart, we can see that the price once touched Fibonacci 0.618 and then bounced higher after being supported. And it can be seen that the RSI at this stage is above 50, and it still maintains an upward trend. There is a very high possibility that the price will hit a new high.
The triangle pattern on the H1 chart has been successfully broken. Although the rise of USD/JPY is still strong, it can be seen from the H1 chart that the price has been severely overbought after the sharp rise at the opening. At this stage, it is not a good price to buy, and you can wait for the price to correct before entering the market.
Order suggestion:
Go long in the low post. Long-term can be bold to see more.
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.
