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USDJPY analysis - Pair weakens farther below 107.00

USDJPY analysis - Pair weakens farther below 107.00

In the past 24 hours, the USDJPY pair has dropped sharply to a low of 106.85 in reaction to the Fed and tariff announcements.

2 August 2019, OctaFX – The US dollar has reversed sharply against the Japanese yen after President Trump announced another round of trade tariffs on Chinese imports coming into America.

USDJPY technical analysis

The 106.40 level is now in focus, with the 106.82 level the foremost technical support before. Overall, a move below the 106.82 level will completely invalidate the bullish inverted head and shoulders pattern on the four-hour time frame

  • The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.00 and 109.30 levels.

  • The USDJPY pair is bearish while trading below the 108.60 level, key technical support is found at the 106.82 and 106.40 levels.

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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.

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