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USD/JPY: Does the bear continue its run to end the month?

USD/JPY has been bearish in the daily chart for the last seven working days. The price has kept making lower low by making a breakout in the minor chart. The H1 chart shows that the price made a breakout at yesterday’s lowest low. Thus, the sellers may look to go short in the pair and drive the price towards the South further. Let us now have a look at three major charts.

Chart 1 USD/JPY Daily Chart



The chart shows that the price consolidated around the level of 107.350 for a while. Upon producing a bearish inside bar, the price heads towards the South with good bearish momentum. Yesterday’s candle came out as a bearish candle as well. The pair is trading below yesterday’s lowest low. Thus, the Bear may continue its move today as well. It is the last trading day of the month and the week. This may make the pair have a gap to start the next month and week.  The price may find its next support around 102.100. On the contrary, if today’s candle closes as a bullish reversal candle, the price may make a bullish correction and find its resistance around 106.050.

Chart 2 USD/JPY H4 Chart



The chart shows that the price made a bearish breakout at the level of 104.800 and traded below the level. As of writing, the price has been bearish in the current H4 candle. The sellers may wait for the price to consolidate and produce a bearish reversal candle to go short in the pair. The price may find its next support around the level of 103.050. On the contrary, if the price makes a bullish breakout at 104.800, the pair may get choppy and take time to find its next route. The price may roam around the level of 104.850.

Chart 3 USD/JPY H1 Chart



The chart shows that the price has made a long bearish move. At the last wave, it produced a double top and made a strong move. The level of 104.150 has been working as a level of support. The price has been having a bullish correction. It has a rejection at 104.450. The sellers may go short upon getting a bearish reversal candle. If the price breaks the level of 104.150, the price may head towards the South with more bearish momentum. It may find its next support around 103.530. In case of a bullish breakout, the price may get bullish and find its next resistance around 104.750.

All these three charts are bearish biased. Thus, the pair may end up making a bearish move today as well. However, the month ending factor may make the sellers come out with their profit, which may make the candle have a long upper or lower shadow.

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Friday, 31 Jul, 2020 / 6:21

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