Tuesday, August 7, 2018

USD/JPY - 08 August 2018


Fundamental Highlights

The pair remains stuck inside its recent range offering no real scope for a trade. Since the start of the week, the Dollar/Yen has only been having minimal activity. During the day ahead, price action will continue to depend on the U.S. and the trade war with China as there is no major news on the Japanese Yen.

Technical Analysis

Looking at the chart, USD/JPY seems to remain in consolidation. After breaking through yesterdays support of 111.13 it regained momentum and moved back upwards. Today the pair may move downwards towards the new support of 111.03 before rising in the direction of the 111.66 resistance, but again it will remain in consolidation so there wont be any drastic movements for USD/JPY.

Support: 111.03 110.87
Resistance: 111.66 111.86

Chart (H1)