USDJPY has been trading in a strong uptrend as the dollar continued to strengthen since January 2021; currently it has experienced some correction but is trading above the 20-day SMA. The pair stands at the 23.6% Fibonacci support of the rise experienced from 23rd February to 31st March, indicating support below current levels. It would be prudent to say that USDJPY could advance towards 110.10 and 110.50 while it sustains above 109.30.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.