Thursday, August 2, 2018

USD/JPY - 03 August 2018

  • Dollar
  • Yen

Fundamental Highlights

The selling pressure has diminished as the Bank of Japan had an unscheduled intervention yesterday and unexpectedly offered to buy 400 billion yen of 5 to 10-year bonds. It is the first Friday of the month so we are awaiting the release of the U.S. non-farm payrolls and the unemployment rate which will give us a sense of the movement for the pair.

Technical Analysis

Looking at the chart, yesterday USD/JPY hit 111.39 before it retreated. The pair may move upwards towards the 112.03 resistance and either break higher towards the 112.45 resistance or bounce back down towards today's 111.39 support.

Support: 111.39 110.71
Resistance: 112.03 112.45

Chart (H4)