The USDJPY pair is continuing the rally which started on Tuesday last week. The mixed data from Japan has contributed to this. Will the pair continue to rally? Analysts at OctaFX offered their projections in the following 2 July USDJPY Technical Analysis.
2 July, OctaFX – The US dollar continues to struggle with key 111.00 level against the Japanese yen, after price was once again rejected from this key resistance area earlier today. The USDJPY pair now sits at a critical juncture, with a major medium-term technical breakout looming.
A strong move above the 111.00 level supports further buying towards the 111.41 level and beyond, while a loss of the 110.46 level should encourage sellers to test the 110.00 support region.
2 July USDJPY Technical Analysis
- The USDJPY pair is strongly bullish while trading above the 111.00 level, further upside towards the 111.41 and 112.20 levels seems possible.
- If the USDJPY pair moves below the 110.49 level, key technical support is found at the 110.20 and 110.00 levels.
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