FX.co - USD/JPY analysis for August 24 2021 - Watch for the breakout of the consolidation to confirm further direction

2021-08-24T12:40:35

Relevance until2021-08-26

Technical analysis:

USD/JPY analysis for August 24 2021 - Watch for the breakout of the consolidation to confirm further direction

USD/JPY has been trading sideways at the price of 109,65. There is potential for the breakout to the downside and lower price.

Trading recommendation:

Watch for potential selling opportunities in case of the downside breakout of support at 109,48 on increase on volume.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Downside targets are set at the price of 109,10 and 108,75

Resistance of the base is set at 110,20 and in case of the breakout, upside will be set at 110,65

*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 24 2021 - Watch for the breakout of the consolidation to confirm further direction