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31.07.202022:16 USDJPY bounces towards our short-term target of 105.75

USDJPY made a new lower low on Friday at 104.20 but the pressures were short-lived. As we explained in our last USDJPY analysis, the RSI was showing bullish divergence signs. Our bounce target was at 105.75.

Exchange Rates 31.07.2020 analysis

Green lines - bullish divergence

USDJPY is bouncing strongly towards the key Fibonacci resistance at 106.10. This is important short-term resistance and a first rejection at this level is expected. USDJPY remains in a bearish trend as long as price is below 107.50. Failure to hold price above 105 will be a bearish sign. Next week will be decisive for the medium-term trend in USDJPY.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020
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