Sun, Aug 01, 2021 @ 11:21 GMT
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USD/JPY Analysis: Allays After Surge

The US Dollar accelerated significantly against the Japanese Yen on Monday, thus closing the session with a 93-pip gain. This strong upside momentum prevailed mid-day as a result of which several significant resistance areas were breached, including the weekly R2 and a trend-line at 108.45.

The pair might still edge higher during the early hours of the European session towards the weekly R3 and the 50.0% Fibonacci retracement near 109.10. However, this strong up-move should not be sustainable for long, thus allowing bears to lead the second part of the session.

A significant support cluster is formed by the 55-hour SMA, the weekly R1 and the 38.20% Fibonacci retracement at 108.10. The 100– and 200-hour SMAs are likewise located nearby.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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