USD JPY Technical Analysis 7 August 2020
USD JPY Technical Analysis: The USD declined 0.04% against the JPY on Thursday and closed at 105.54. Today in the Asian session, while USD JPY technical Analysis 7 August 2020 is preparing at 5:15 GMT, the USD/JPY trading at 105.65, which is 0.10% higher against JPY from yesterday’s close.
The pair is expected to find support at 105.50. And a fall through could take it to the next support level of 105.30 The pair is expected to find its first resistance at 105.70, and a rise through could take it to the next resistance level of 105.85. Today’s expected trading range is between 104.10, support and 106.15 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 105.50
Support 2: 105.30
Support 3: 105.10
Important resistance levels:
Resistance 1: 105.70
Resistance 2: 105.85
Resistance 3: 106.15
USD/JPY buying opportunity for intraday trading on August 7, 2020
Buy near the support zones 105.50 and 105.30 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 August 7, 2020
Sell near the resistance zones 105.70 and 105.85 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.