The USDJPY pair is strongly bullish above 111.39 level. Should traders expect further upside? What does the 30 August USDJPY Technical Forecast reveal?
30 August, OctaFX – The US dollar has finally broken away from range-bound trading conditions against the Japanese yen currency, with the USDJPY pair hitting 111.80 after a strong technical breakout from a bullish descending triangle pattern.
The short-term trend has now turned bullish, and further upside is expected in the USDJPY pair while price continues to trade above the 111.39 support level.
30 August USDJPY Technical Forecast
- The USDJPY pair is intraday bullish while trading above the 111.39 level, key resistance is found at the 111.80 and 112.05 levels.
- If the USDJPY pair moves below the 111.39 level, sellers may test towards the 111.20 and 110.90 support levels.
This article about 30 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.