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The USD / JPY pair, in 4-hour charts, is trading within a downtrend channel, after having reached the minimum of 109.35. It is making a technical rebound.
The Yen strengthened due to the general weakness of the US dollar. The pair fell to the level of 4/8 murray, a pivot point area. At this level, the lower line of the bearish channel converges, which adds strength to this support.
The Japanese Yen is a safe haven currency. When there are problems in the United States and the US dollar weakens, investors always sell the USD / JPY pair. They do so when uncertainty and risk aversion take over the market.
Given that the US dollar is showing signs of exhaustion and it is oversold, the USD / JPY is likely to make a technical bounce towards the 200 EMA located at the 110.00 psychological level.
The eagle indicator is showing a neutral signal, and slightly bullish. As the 4/8 murray zone is a strong support, it will be a good opportunity to buy above 109.37 with targets around 110.15, zone of 6/8 of murray.
Support and Resistance Levels for July 30, 2021
Resistance (3) 110.00
Resistance (2) 109.78
Resistance (1) 109.60
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Support (1) 109.25
Support (2) 109.07
Support (3) 108.73
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Trading tip for USD/JPY for July 30, 2021
Buy above 4/8 at 109.37, with take profit at 110.15 (6/8), stop loss below 109.00.
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