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USD Bounce is expected amid these oversold conditions – USD/JPY Market Outlook – 31/08/2020

SquaredFinancial

After eight years leading the country, PM Abe’s decision to step down triggered risk aversion by the end of last week, as the pair plunged to 105.19, closing a second consecutive week in the red. In the data front, Japan released July Retail Sales plunging further in the negative territory weighing on the Yen this morning. If the Dollar index recover today from its oversold conditions and equities pullback from these parabolic moves, then the pair might revisit 106.10 or beyond.

Support: 105.18 / 104.30
Resistance: 106.10/ 106.50

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/usd-bounce-is-expected-amid-these-oversold-conditions-usd-jpy-market-outlook-31-08-2020
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