ByLCMS Traders FX Analysis Team
SEP 2, 2021
USD/JPY Daily Forecast
USD/JPY bulls are struggling to move above the 110.50 resistance area the pair is currently trading lower at 110.09. The intraday support levels are at 110.00 and 109.74. The near-term resistance areas are at 110.33 and 110.55.
On the intraday charts, a couple of Dojis are present that are indicating an indecision time. The SMA-14 is indicating support at 109.81 and the SMA-50 is at 110.07. The mid-Bollinger band is at 109.93 while the upper and lower bands are at 110.57 and 109.29. The RSI is at 51 and has a downwards curve. Currently, the intraday and 4-hourly price patterns are bearish and suggest a move below the SMA-50 which makes the pair ideal for selling entries using the following levels
Direction: Sell
Entry: 110.18
Take Profit: 109.72
Stop-Loss: 110.57
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