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USDJPY price analysis - Bulls attempts breaking above 107.85

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)

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