HomeContributorsTechnical AnalysisUSD/JPY Tests Critical Support

USD/JPY Tests Critical Support

The US dollar drifts lower as traders await the Fed minutes.

The greenback has met stiff selling pressure at March 2020’s high, at 111.70. A combination of profit-taking and fresh selling has pushed the pair down to the base of the latest rally (110.40).

Price is now at a crossroad as a bearish breakout may trigger a correction towards 109.80.

However, a near-oversold RSI may attract buyers in the demand zone. A rebound will need to clear the psychological level of 111.00 first before it could retest the previous high.

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