USD JPY Technical Analysis 16 July 2020
USD JPY Technical Analysis: The USD declined 0.28% against the JPY on Wednesday and closed at 106.92. Today in the Asian session, while USD JPY technical Analysis 16 July 2020 is preparing at 5:15 GMT, the USD/JPY trading at 106.96, which is 0.03% higher against JPY from yesterday’s close.
The pair is expected to find support at 107.65. And a fall through could take it to the next support level of 106.30 The pair is expected to find its first resistance at 107.25, and a rise through could take it to the next resistance level of 107.40. Today’s expected trading range is between 106.00, support and 107.60 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 106.65
Support 2: 106.30
Support 3: 106.00
Important resistance levels:
Resistance 1: 107.25
Resistance 2: 107.40
Resistance 3: 107.60
USD/JPY buying opportunity for intraday trading on July 16, 2020
Buy near the support zones 106.65 and 106.30 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
USD/JPY selling opportunity for intraday trading on July 16, 2020
Sell near the resistance zones 107.25 and 107.40 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.