Thu, Aug 11, 2022 @ 20:06 GMT

USD/JPY Bounces Back

The US dollar clawed back losses as services PMI exceeded expectations. A bullish RSI divergence indicates a loss of momentum in the sell-off. The pair bounced off the demand zone around 130.50 at the start of the June breakout. This could be due to profit-taking from the short side. A close above 134.50 would help the bulls reclaim control of the price action. From the daily chart perspective, the uptrend is still intact in the medium-term, though there is a chance of consolidation in the coming days.

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