Good afternoon, dear traders! The USD/JPY currency pair is now interested in the long term – in my opinion, there is a high probability of continuing the daily rally to update the extreme of 109.30.
One of the reasons – the strong initiative of the buyers on the weekly timeframe, which pushed the “Japanese” over the local level of 108.50, in the area of which this instrument is now traded. The strong growth is due primarily to the US dollar, and the following news from the US (which will be released only on Thursday at 15:30) will be very useful.
Therefore, the plan for today is simple: you can carefully type in purchases on USD/JPY with a take profit at 109.30 while limiting losses to the minimum of yesterday – the level of 108.31.
I wish you success in trading and big profits!
The material has been provided by InstaForex Company – www.instaforex.com
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
