USDJPY analysis: Pair bearish below 108.40

29 July 2019, OctaFX – The US dollar has staged a strong recovery against the Japanese yen, following a brief early-morning move towards breakout technical support, at 108.40.

USDJPY technical analysis

Dip-buyers appear to be back in control, with the 109.00 level the next major intraday resistance area to watch. Traders may also be cautious ahead of the Bank of Japan policy decision, which could lead to a spike in USDJPY volatility.

  • The USDJPY pair is only bearish while trading below the 108.40 level, key support below remains at the 108.20 and 108.00 levels.

  • The USDJPY pair is bullish while trading above the 108.40 level, key technical resistance remains at the 109.00 and 110.00 levels.

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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.

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