USDJPY Intraday Technical Analysis


USD/JPY pair saw a minor bounce higher last week that remained capped by the 200-day ma and the market remains under pressure. What else is disclosed in the 22 January USDJPY Intraday Technical Analysis? Dig in!

22 January, OctaFX –The U.S dollar is trying to recover upside buying momentum against the Japanese yen currency, as the U.S dollar index starts to recover from depressed levels. Price-action is currently trading above the key 110.80 level, after the USDJPY pair found strong technical support around the 110.50 level on Friday.

Traders are likely to remain increasingly cautious ahead of BOJ’s interest rate decision and policy statement on Tuesday, as speculation surrounding the reduction of the Central Banks QE stimulus programme mounts.

22 January USDJPY Intraday Technical Analysis: Buyers In Control Above 110.80

  • USDJPY intraday buyers retain control of the pair while price trades above the 110.80 level, further upside towards the 111.22 and 111.48 levels seems possible.

  • Should the USDJPY pair start to move below the 110.80 level, a sell-off towards 110.50 and 110.33 remains possible.

Disclaimer

This article about  22 January USDJPY Intraday 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.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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