12.08.202217:10 Forex Analysis & Reviews: Technical analysis on USDJPY for August 12th, 2022.

Exchange Rates 12.08.2022 analysis

Red line -resistance trend line

Blue lines- Fibonacci retracements

USDJPY is bouncing after making a low at 131.75. The resistance trend line at 134.75 is the most important level for the short-term trend. With price having retraced more than 50% of the decline and rejected at the trend line resistance, it is important to see how strong bulls are. Bulls need to see price break above the red downward sloping trend line. This would provide a sign of strength and will increase chances of price moving towards the 61.8% Fibonacci retracement. Support remains key at recent low of 131.75. Bulls need to defend this level, otherwise if broken, we will see a fast decline towards 130.80 and lower.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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