Latest USD JPY Analysis and ForecastUpdated July 28th, 2021
Bounce and stall, still negative
Day trade update and view
A Wednesday bounce just above 110.02 resistance but capped below the better 110.59 barrier, at 110.29 and to stall back lower, to sustain negative forces from Tuesday's sell off through 109.98 support to 109.55, plus from the earlier July sell off down from 111.66 to 109.03, keeping risks to the downside for Thursday.
Day trade setup
- We see a downside bias for 109.55 and 109.30; a break here maybe aims for key 109.03/00.
- But above 110.29 aims for 110.59 and then maybe quickly targets 110.70/82.
The later May push above 109.94/96 resistances signalled an intermediate-term shift to a bull trend.
- Upside risks: We see an intermediate-term bull trend to aim for 111.72/112.23 and 115.00.
- What changes this? Below 109.03/00 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.
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Other major currency pairs
BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.