empty
 
 
30.07.2019 02:15 PM
USD/JPY analysis for July 30, 2019 - Downward momentum, more downside yet to come

USD/JPY did trade did exactly what I expected yesterday. The key resistance zone at the price of 108.90 was the key level for sellers to establish short position. Since there was a strong rejection of the resistance in the background and good supply entered on the market, my advice is still to watch for selling on the rallies.

Technical picture:

This image is no longer relevant

Red rectangle – Key resistance 108.92

Pink rectangle – Support 1 (108.26)

Pink rectangle – Support 2 (108.02)

Stochastic oscillator showed us the bearish divergence in the background, which was good indication for the further downside. Fast and Slow line of the Stochastic oscillator are going more downside. MACD oscillator did showed the bearish divergence and the slow line flip to the downside, which is another confirmation for the downside. Important support levels to watch are set at the price of 108.26 and 108.02.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback