USD JPY Technical Analysis 31 July 2020
USD JPY Technical Analysis: The USD declined 0.18% against the JPY on Thursday and closed at 104.72. Today in the Asian session, while USD JPY technical Analysis 31 July 2020 is preparing at 5:15 GMT, the USD/JPY trading at 104.34, which is 0.36% lower against JPY from yesterday’s close.
The pair is expected to find support at 104.25. And a fall through could take it to the next support level of 103.90 The pair is expected to find its first resistance at 104.85, and a rise through could take it to the next resistance level of 105.10. Today’s expected trading range is between 103.50, support and 105.30 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 104.25
Support 2: 103.90
Support 3: 103.50
Important resistance levels:
Resistance 1: 104.85
Resistance 2: 105.10
Resistance 3: 105.30
USD/JPY buying opportunity for intraday trading on July 31, 2020
Buy near the support zones 104.25 and 103.90 as soon as you get a reversal candlestick pattern, using a stop loss 2 points belo-w the low of the reversal candle, and keep the target equal to the stop loss.
USD/JPY selling opportunity for intraday trading on July 31, 2020
Sell near the resistance zones 104.85 and 105.10 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.