FX.co - USD/JPY analysis for August 16 2021 - Watch for the buying opportuntiies due to exhasution

2021-08-16T11:34:01

Relevance until2021-08-16

Technical analysis:

USD/JPY analysis for August 16 2021 - Watch for the buying opportuntiies due to exhasution

USD/JPY has been trading downside during last 2 days but I found the exhaustion pattern today.

Trading recommendation:

Due to exhaustion pattern and mini drift phase, watch for buying opportunities with the upside targets at 109,70 and 110,30.

Stochastic is showing extreme downside reading and potential for the rally due to bullish divergence.

Support is set at 109,30

*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 August 16 2021 - Watch for the buying opportuntiies due to exhasution