Forex: USD/JPY Tries To Attract More And More Buyers Before Next Jump!

Analysis Of The EUR/JPY Pair Movement

Relevance up to 08:00 2022-08-31 UTC+2

The USD/JPY was trading at 138.42 at the time of writing. After its amazing rally, the price tries to consolidate and attract more buyers before jumping higher. Technically, the bias remains bullish despite temporary drops and or sideways movements.

Fundamentally, the Unemployment Rate came in at 2.6% matching expectations. Later, the US data could be decisive. JOLTS Job Openings indicator is expected at 10.37M while the CB Consumer Confidence could be reported at 97.6 points.

USD/JPY Minor Range!

As you can see on the H1 chart, the price found resistance at the R2 (138.90) and now it moves sideways. In the short term, it's trapped between the R2 and the R1 (138.20) levels. As long as it stays above the R1, USD/JPY could resume its growth.

Technically, the current sideways movement could represent an upside continuation pattern. Better-than-expected US data could push the pair higher.

USD/JPY Forecast!

A valid breakout above the R2 (138.90) and a new higher high could activate further growth at least until the 139.38 key level. This scenario could bring new long opportunities. Also, false breakdowns below the R1 (138.20) could help the buyers to go long.

Still, a broader growth could be confirmed only by a valid breakout above the 139.38 historical level.

Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Source: Forex Analysis & Reviews: USD/JPY consolidates ahead of breakout

Analysis Of The EUR/JPY Pair Movement

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand instaforex.eu, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). InstaForex.eu has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex.eu is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds.

InstaForex.eu offers access to around 2,500 instruments (CFDs in Stocks, ETFs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at: www.instaforex.eu

 

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.82%. of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.