6 July USDJPY Technical Forecast: Could the pair test yesterday’s high of 111.13?


Technical indicators are holding in positive territory, but look fragile. Could the pair test yesterday’s high of 111.13? What does today’s 6 July USDJPY Technical Forecast reveal?

6 July, OctaFX – The recent price action reinforces the importance of an important confluence support, comprising of 55-day SMA and a short-term ascending trend-line extending through lows touched in April/May/June.

6 July USDJPY Technical Forecast

On Tuesday, the USDJPY pair crossed the major support level of 110.89. Since then, the pair has moved lower and is currently trading at 110.63.

This price is the 38.2% Fibonacci Retracement of the pair. Today’s jobs numbers from the US will likely cause major movements in the pair.

A bearish report could see the price test the important support of 110.27. A better-than-expected jobs report will see the pair test yesterday’s high of 111.13.

Disclaimer

This article about 6 July 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.

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