USD/JPY: US dollar bounced at 112.295 and attempted to push through 112.745
|USD/JPY: US dollar bounced at 112.295 and attempted to push through 112.745
What is going on now with USD/JPY:?
USD/JPY: The US dollar failed at 112.745 support as indicated in yesterdays update and fell to around 112.905 support. The pair took out all short position estimates and 112.295 before reversing to the upside during the European session. The US dollar progressed from 112.295 and reached 112.745 in this mornings session.
Our forecast
USD/JPY: The US dollar has retreated from 112.745 to 112.610 in the 60 minutes price chart and currently trades at 112.678. The US dollar needs to remain above 112.610 to head back up and re-test resistance at 112.745. A break above 112.745 could clear the path for the pair to proceed further to the upside. The US dollar could continue down to 112.540 and 112.450 if it fails at 112.610
Support/short target - 112.610, 112.540, 112.450, and 112.295
Resistance/Long Target -112.745, 112.820, 112.910, and 113.015
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop loss to protect your capital, take profit and exit your position.
Our trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/joinchat/AAAAAFBM7dEWfBHez8KNJA
Chart 1: The short-term view of the USD/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the USD/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.