USDJPY Daily Forecast Jul 21 2020

Dollar-Yen-6598655_rex

USDJPY: Consolidates With Downside Bias…

As long as 106.87 support holds on a daily closing basis, the USDJPY sees recovery move to 107.45 levels. But recovery above 106.87 should be contained well by 107.45 where another fall is likely. Anyway; it may consolidate around here before the next fall (move). However; sustained breakout -daily closing- above 107.45 will extend the corrective recovery to 107.85 levels, further upside, resistance comes 108.40. A fall resumption is very likely but a break will pave the way to 109.53 levels…

Levels to watch 106.87/107.45, above 107.45 sees recovery threats, below 106.87 restores the bearish momentum…

On the downside, a failure to break and hold above 107.45 levels could mean a return to 106.87 levels. A cut-through 106.87 restores the downside momentum and aims the 106.20 levels, further down, support comes in the 105.68 levels.

In conclusion: The USDJPY sees a sideways move within 106.87/107.45 level…

Support: 106.87, 106.20, 105.68, 105.10, 104.77

Resistance: 107.45, 107.85, 108.40, 109.10, 109.53

USDJPY Daily Forecast Jul 21 2020

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