empty
 
 
20.07.2021 07:14 PM
USD/JPY Found Strong Demand!

USD/JPY rallied and now it stands at 109.92 higher versus 109.32 today's low. It could hit a dynamic resistance soon where it could find resistance again. USD edged higher after the US data have come in mixed.

The Housing Starts indicator was reported at 1.64M higher versus 1.59M expected and compared to 1.55M in the previous reporting period. The greenback has increased even if the US Building Permits were reported at 1.60M below 1.69M estimate and versus 1.68M in May.

The Japanese Yen lost significant ground versus its rivals as the JP225 (Nikkei) has bounced back. Tomorrow, the Japanese Trade Balance and the Monetary Policy Meeting Minutes could bring more volatility and high action.

USD/JPY Amazing Rally!

This image is no longer relevant

USD/JPY has found strong demand around the 61.8% retracement level, below the weekly S2 (109.16) level. It has registered only a false breakdown with great separation through these downside obstacles signaling exhausted sellers.

It's trapped within a down channel, so it's premature to go long as the pair could slip lower after today's rally. Escaping from this pattern and making a consolidation could bring us a new long opportunity.

Outlook!

USD/JPY has rebounded but we don't have a good buying opportunity as long as it's located under the downtrend line. We cannot exclude a temporary decline after the current rally.

Jumping and stabilizing above the downtrend line could bring a new long opportunity with a potential upside target at 110.96 static resistance.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $5000 más!
    ¡En Noviembre, sorteamos $5000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback