Analytical Overview Of The Main Currency Pairs - Tuesday, August 4

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 105.770
  • Open: 105.966
  • % chg. over the last day: +0.08
  • Day's range: 105.836 – 106.191
  • 52 wk range: 101.19 – 112.41

The USD/JPY currency pair has become stable after a sharp growth since the end of last week and is currently consolidating. Local support and resistance levels are 105.60 and 106.20, respectively. USD/JPY quotes have the potential for further recovery. We recommend paying attention to the dynamics of US government bonds yield. Positions should be opened from key levels.

Today, the news feed on Japan's economy is calm enough.

(Click on image to enlarge)

USD/JPY

Indicators do not give accurate signals: the price is testing 50 MA.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.

Trading recommendations
  • Support levels: 105.60, 105.25, 104.80
  • Resistance levels: 106.20, 106.45, 106.70

If the price fixes above 106.20, further growth of USD/JPY quotes is expected. The movement is tending to 106.60-106.80.

An alternative could be a decline in the USD/JPY currency pair to 105.25-104.80.

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Disclosure: This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, ...

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