USDJPY, H4
On the H4, USDJPY is very volatile after a long-term uptrend. The price broke the trend line and fell below MA200, reaching the 38.2 Fibonacci support. Despite the bearish sentiment, the %R shows extremely oversold, which could be the beginning of a correction.
- If the bears push the price below the 155.000 support, it will fall to 153.800, which corresponds to 23.6 Fibonacci;
- However, if the price bounces off support, USDJPY will recover to 156.500 and 157.000;
Conclusion
In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.
