Is it safe to say the recovery in the USDJPY pair could be short-lived? What is revealed in the following 21 August USDJPY Technical Forecast?
21 August, OctaFX – The US dollar has fallen to its lowest trading level against the Japanese yen currency since early July after US President Donald Trump criticized the Federal Reserve.
The USDJPY pair retains a strong intraday bearish bias while trading below the 110.10 level. Sellers will try to target further losses towards the 108.15 level, as it represents the neckline of a head and shoulders pattern with a large downside projection.
21 August USDJPY Technical Forecast
- The USDJPY pair is intraday bearish while trading below the 110.10 level, key support is now found at the 109.20 and 108.15 levels.
- If the USDJPY pair trades above the 110.10 level, buyers will likely test towards the 110.30 and 110.55 resistance levels.
This article about 21 August USDJPY Technical Forecast 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.