FX.co - USD/JPY analysis for May 20 2021 - Watch for buying opportuntiies due to the breakout of the well defined downside channel

2021-05-20T12:21:48

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Technical analysis:

USD/JPY analysis for May 20 2021 - Watch for buying opportuntiies due to the breakout of the well defined downside channel

USD/JPY has been trading downwards at the price of 108.80 but I see potential lfor the rally..

Trading recommendation:

Watch for potential buying opportunities on the pullbacks with the upside targets at 109.30 and 109.45.

There is the breakout of the well defined downside channel and the shakeout in the background, which is strong sign that buyers are taking control.

Stochastic is showing oversold condition and potential for the rally....

Support levels are set at 108.85 and 108.50

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/JPY analysis for May 20 2021 - Watch for buying opportuntiies due to the breakout of the well defined downside channel