12 July USDJPY Technical Analysis: Pair is strongly bullish


The USDJPY pair held on to its strong gains near six month tops and had a rather muted reaction to the mixed US macro data. What next should traders expect? Gain insight into today’s 12 July USDJPY Technical Analysis.

12 July, OctaFX – The US dollar continues to press higher against the Japanese yen currency, following a major technical-break above the 111.39 level on Wednesday.

The USDJPY pair is moving towards the 112.50 level, with buyers likely to target the 113.00 resistance level over the coming trading-sessions. Buyers may target the December 2017 trading-high around the 113.40 level, while sellers will look to push price back towards the 111.39 level.

12 July USDJPY Technical Analysis

  • The USDJPY pair is strongly bullish while trading above the 111.39 level, key resistance is now found at the 113.10 and 113.40 levels.
  • If the USDJPY pair fails around current trading levels, the 112.00 and 111.39 levels offer major technical support.

Disclaimer

This article about 12 July USDJPY Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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