Technical outlook:
The USD/JPY 4H chart view has been presented here which shows a clear uptrend, with higher highs and higher lows forming since March 26, 2018. The pair had printed lows at 104.50 levels then and has risen through a clear channel through 109.50 levels today. The pair is consolidating lately and might push through 109.50 levels briefly but that should be enough to trigger a sell off. Traders who are holding long positions since lower levels should consider taking profits around these levels and aggressive traders could look to short with a tight risk. Looking at the wave counts, the pair seems to have completed 3 waves for now and should be looking to drop into wave 4 around 107.95 levels, which is fibonacci 0.382 support of wave 3. Please note that the trend line support is also passing through the same levels. Look to go long again around 107.95/108.00 levels.
Trading plan:
Please book profits on long positions taken earlier, look to buy again lower around 107,95 levels.
Fundamental Outlook:
There are no major events lined up for the rest of the day.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com