FX.co - USD/JPY analysis for August 04, 2022 - Potential for the rejection of the key support

2022-08-04T13:11:36

Relevance until2022-08-05

Technical analysis:

USD/JPY analysis for August 04, 2022 - Potential for the rejection of the key support

USD/JPY has been trading downside this morning but I see potential for the upside rotation due to extreme oversold condiiton.

Trading recommendation:

Watch for potential selling buying opportunities with the upside objective at the price of 134.25.

Stochastic is showing oversold condition with the fresh bull cross, which is sign for the further upside movement.

Key support is set at the price of 133.20

*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 04, 2022 - Potential for the rejection of the key support