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Forex

US Dollar Rises Slightly

OctaFx | Oct. 8, 2018
US Dollar Rises Slightly

The USDJPY pair rose slightly in the Asian session. It reached an intraday high of 113.93 after a major victory for Donald Trump over the weekend. What next should traders expect?

8 October, OctaFX – The US dollar is trading back towards the key 114.00 level against the Japanese yen after price bounced from trendline support following Friday’s disappointing Nonfarm Payrolls job report from the US economy.

USDJPY Holds Trendline Support

The USDJPY pair retains a bullish intraday bias while trading inside the well-defined rising channel. Buyers will look to move price back above the 114.06 level, while sellers will attempt to break the 113.55 support level.

  • The USDJPY pair is intraday bullish while trading above the 113.55 level, key resistance is now found at the 114.06 and 114.58 levels.
  • If the USDJPY pair moves below the 113.55 level, sellers will likely test towards 112.90 and 112.10 levels.

Disclaimer

This article was provided by OctaFX. It should NOT 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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.