For Traders

Analytical Reviews

Technical analysis

09.08.202208:13 Forex Analysis & Reviews: USD/JPY analysis for August 09, 2022 - Breakout of the symmetrical triangle to the upside

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical analysis:

USD/JPY has been trading upside today and I see the breakout of the symmetrical triangle, which is good sign for further rally.

Trading recommendation:

Due to the breakout of the symmetrical triangle in the background, I see potential for further rally.

Watch for potential buying opportunities on the intraday dips.

Upside objectives are set at 135.53 and 137.37

Stochastic is showing bull reading with no evidence for reversal.

Key support is set at the price of 134.42

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.