Wed, Jun 23, 2021 @ 11:01 GMT
HomeContributorsTechnical AnalysisUSD/JPY Retraces For Support

USD/JPY Retraces For Support

The Japanese yen stayed muted as the country’s GDP contracted slightly more than expected in Q1.

The surge above 109.70 is an indication that buyers have regained control after a two-week-long consolidation. The US dollar is pulling back after the RSI overshot to 80.

Buying interests are likely to be found at the demand area between 108.65 and 108.90. Further down, a drop to 108.30 may extend the consolidation.

On the upside, bulls could trigger a broader rally if they succeed in clearing the resistance at 109.70.

Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading