Market Cap:
$255.4B
BTC Dominance:
68.14%
btc:
$9706.79
eth:
$195.75
xrp:
$0.27
Advertise
Forex

USDJPY price analysis - Bulls attempts breaking above 107.85

Squared Direct | Jul. 4, 2019
USDJPY price analysis - Bulls attempts breaking above 107.85

July 4, 2019 | SQUARED DIRECT - The USDJPY pair recovered most of its losses yesterday and closed slightly unchanged as equities soar to all-time highs and the S&P is shy away from the historic 3000 mark, on expectations of a Fed cut following data misses and no obvious US-China trade deal in sight.

Markets pricing 33 basis points of easing at the July meeting, with a total of four cuts priced by mid-2020. In political news, Washington and Tehran pretty much-declaring war as tensions escalates between the two sides on a daily basis. The global economic slowdown, the high probability of a Fed rate cut, and the current political uncertainty will keep traders favoring the Yen over the Dollar.

USDJPY technical analysis

The USDJPY pair bounced after finding support just above the 107.50 level. Currently, the bulls are attempting to break above 107.85, if successful, then a push towards 108 and 108.20 will be a likely scenario. However, if the bears protect the 107.85 resistance level, then price could roll over and retest yesterday’s low 107.53.

Support: 107.5 / 107.05
Resistance: 107.85 / 108.20

Chart (H4)

Disclaimer

Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves a high level of risk. Therefore, Forex and CFDs may not be suitable for all investors because it is possible to lose all invested capital. Only invest with money you can afford to lose. Before deciding to trade, you need to ensure that you understand the risks involved. Seek independent advice if necessary. Please refer to our Risk Disclaimer.

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.