3 August USDJPY Technical Forecast: A bull flag-breakout is confirmed


Yesterday, the USDJPY pair declined and was trading at 111.40. However, at the moment, how is the pair trading? Gain insight into today’s 3 August USDJPY Technical Forecast.

3 August, GKFX – The USDJPY is eyeing a break above 112.00, having witnessed a bull flag-breakout on the hourly chart in the US session yesterday. However, the upside has been capped by the upper Bollinger band (standard deviation of +2, -2 on the 20-hour moving average).

3 August USDJPY Technical Forecast

So, what bull need now is a convincing move above the resistance of the upper Bollinger band, currently located at 111.81.

Hourly chart

Spot Rate: 111.70

Daily High: 111.78

Daily Low: 111.61

Trend: Bullish above 111.81

Resistance

111.81 (resistance of the hourly chart Bollinger band)

112.15 (August 1 high)

112.56 (76.4 percent Fibonacci retracement of the drop from 113.18 to 110.59)

Support

111.51 (100-hour moving average)

111.29 (200-hour moving average)

110.73 (July 31 low)

Disclaimer

This article 3 August USDJPY Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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