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USD/JPY Technical Analysis

FOREX_usdjpy-technical-analysis-0608_FXPIG
  • USD/JPY is in its fourth day of consolidation after the currency pair broke to the upside on July 31. 
  • USD/JPY is struggling to find a clear direction, however, bulls have a slight advantage as they have the long-term trend on their side. 
  • Bulls objective is to reconquer the 111.82-112.00 area to target 113.18, the 2018 high. Bears want a bear breakout below the 111.02-111.16 area in order to initially retake the swing low at 110.58.

Spot rate:                 111.39

Relative change:      0.15%    

High:                        111.54

Low:                         111.14

Trend:                       Neutral to bullish

Resistance 1:  111.39 May 21 swing high

Resistance 2:  111.64 supply/demand level

Resistance 3:  111.82-112.00 area, supply level and figure

Resistance 4:  112.19-112.40 area, July 11 high and intraday swing low

Resistance 5:  112.64 July 12 high

Resistance 6:  113.18, 2018 high

Resistance 7:  113.26-113.38, 200-weekly simple moving average and January 8 high

Resistance 8:  114.45 October 27, 2017 high

Support 1:    111.02-111.16 area, figure and current August 6 low

Support 2:    110.90 June 15 swing high

Support 3:    110.75, July 23 low

Support 4:    110.58 July 26 swing low

Support 5:    110.27 July 4 low

Source: fxstreet.com

  • USD/JPY is in its fourth day of consolidation after the currency pair broke to the upside on July 31. 
  • USD/JPY is struggling to find a clear direction, however, bulls have a slight advantage as they have the long-term trend on their side. 
  • Bulls objective is to reconquer the 111.82-112.00 area to target 113.18, the 2018 high. Bears want a bear breakout below the 111.02-111.16 area in order to initially retake the swing low at 110.58.

Spot rate:                 111.39

Relative change:      0.15%    

High:                        111.54

Low:                         111.14

Trend:                       Neutral to bullish

Resistance 1:  111.39 May 21 swing high

Resistance 2:  111.64 supply/demand level

Resistance 3:  111.82-112.00 area, supply level and figure

Resistance 4:  112.19-112.40 area, July 11 high and intraday swing low

Resistance 5:  112.64 July 12 high

Resistance 6:  113.18, 2018 high

Resistance 7:  113.26-113.38, 200-weekly simple moving average and January 8 high

Resistance 8:  114.45 October 27, 2017 high

Support 1:    111.02-111.16 area, figure and current August 6 low

Support 2:    110.90 June 15 swing high

Support 3:    110.75, July 23 low

Support 4:    110.58 July 26 swing low

Support 5:    110.27 July 4 low

Source: fxstreet.com

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