18 July USDJPY Technical Outlook: Pair is strongly bullish


How will the USDJPY move today? This 18 July USDJPY Technical Outlook from OctaFX reveals the traders should expect. Dig in!

18 July, OctaFX – The US dollar has soared to a new six-month trading high against the Japanese yen currency, as FED Chair Jerome Powell’s bullish comments on the US economy and future rate hikes lifted the greenback.

The move higher in the USDJPY pair has scope to run higher if buyers can keep the price above the 112.80 level, which is former key resistance now turned support. USDJPY buyers will target further upside towards the 113.40 level, while sellers will look to break the 112.80 level.

18 July USDJPY Technical Outlook

  • The USDJPY pair is strongly bullish while trading above the 112.80 level, upside targets are found at the 113.40 and 113.88 levels.
  • If the USDJPY pair moves below the 112.80 level, sellers may test towards the 112.55 and 112.20 support levels.

Disclaimer

This article about 18 July USDJPY Technical Outlook 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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