USD/JPY Forex Technical Analysis – Trade Through 108.375 Shifts Momentum to Upside

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The dollar and the yen are trading slightly in early Wednesday and in yesterday’s range. On Tuesday, the currency pair was buoyed by US Treasury bond yields, which peaked a week as investors’ portfolios were adjusted to reflect progress in trade negotiations between the United States and the United States. China.

US Trade Representative Robert Lighthizer and senior US officials will visit Shanghai on Monday for face-to-face business meetings with Chinese officials, Bloomberg said on Tuesday, citing unidentified sources.

At 03:42 GMT, the USD / JPY is trading at 108,178, down from 0.0045 or -0.04%.

The US dollar was also lifted after the Trump administration reached an agreement with lawmakers on Tuesday to lift the government’s borrowing limits. Analysts said the measure would increase US borrowing, which would tighten the money supply in the country’s banking system. That would be good for the greenback.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily chart. An exchange at 108.991 will change the main upward trend. A move through 107.212 will signal a resumption of the downtrend.

The minor trend is also down. An exchange through 108.375 will change the minor trend upward. It will also go up.

The intermediate range is between 106.775 and 108.991. Its retracement area of ​​107.883 to 107.622 is a support.

The short-term range is 108.991 to 107.212. Its retracement area of ​​108.102 to 108.311 is a resistance. This area is being tested.

The main beach is from 110,677 to 106,775. His area of ​​retracement from 108,726 to 109,186 is the next target area. This area stopped a rally at 108.991 on July 10th.

Daily Swing Chart Technical Forecast

Based on today’s forward prices and yesterday’s high, the USD / JPY guidance on Wednesday will likely be determined by traders’ reaction to the Fibonacci short-term level of 108,311.

Bullish Scenario

A sustained movement above 108.311 will indicate the presence of buyers. This could lead to a minor summit test at 108,375. Exiting this high will change the minor trend upward. This could create the momentum needed to trigger an acceleration in the main level of 50% to 108,726.

Bearish Scenario

A sustained move under 108.311 will signal the presence of sellers. This could trigger a laborious break with potential goals: the short-term level of 50% at 108.102, followed by the 50% intermediate level at 107.883. If this level fails, look for the sale to extend to the Fibonacci intermediate level at 107.622.

Published by Skrimon
Author, TopAsiaFX

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