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08.04.202014:09 Forex Analysis & Reviews: USD/JPY analysis for 04.08.2020 - End of the downward correction (bull flag pattern) and bigger up-swing in play. Watch for buying with main target at 109.85

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Corona virus news:

Boris Johnson has spent a second night in intensive care amid concerns about the seriousness of his condition and how the government will make key decisions about the coronavirus pandemic in his absence.

The foreign secretary, Dominic Raab, who is deputising for the prime minister, has no power to make major decisions without cabinet agreement, it emerged on Tuesday.Technical analysis:

USD/JPY has been trading sideways at the price of 108.88. Anyway, there is the potential completion of the downward correction (bull flag pattern) in the backgorund and rejection of the important pivot support at 108.50, which is strong indication for the further upside continuation. My analysis from yesterday is still valid.

Watch for buying opportunities on the dips. The area around 109.10 looks like good zone to load long positions.Upward targets are set at the price of 109.85 and 110.60.

MACD oscillator is showing strong upside pressure and the slow line is turned to the upside, which is great addition to our long bias.

Resistance levels are set at the price of 109.37, 109.85 and 110.60

Support level is set at the price of 108.50.

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