See also
17.09.2019 12:48 AM
Given a number of important factors, there is every reason to believe that further growth of the USD/JPY pair to the level of 108.50 so far seems unlikely. According to the results of Friday's trading, it was possible to conclude that the dollar could advance further last Friday, while any upward movement is considered as a transition to a higher trading range of 107.80/108.30. Subsequently, the dollar did trade between 107.90 and 108.26, but the dollar weakened at the opening of trade. The price movement on the chart suggests that the level of 108.26 is probably a temporary peak, and the dollar will trade below this level for a couple of days. At the moment, a weak opening this morning may lead to a fall below the level of 107.50, the next support level is 107, .20, and resistance at 108.0 and 108.25, respectively.
As for the longer-term forecast, the dollar will remain under pressure amid news of a drone attack on oil facilities in Saudi Arabia. While the strong support level of 107.20 has not yet been overcome, but overall the price movement has lost an upward momentum, and the prospect of a rebound (starting September 6 from 107.00) to 108.50 has significantly decreased. In order to revive the upward movement, the dollar must move and stay above the level of 108.25 during these several days, otherwise a breakthrough of resistance at 107.20 is inevitable.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
