For this forecast, we recommend to set Sell Limit at the following price - 107. This idea is based on the following analysis:
- According to the most brokers’ data, more than half of the traders are currently in long positions on USDJPY. As a result, we recommend considering only Short trades at this time.
- MVP line is above the price and acts as a resistance level.
- The last downward movement has brought a volume of sellers, which implies a small price correction. Enter the deal with a Sell Limit order.