ByLCMS Traders FX Analysis Team
SEP 9, 2021
USD/JPY Daily Forecast
USD/JPY is trading 0.24% lower to 109.93 following a small correction in the USD. The US Dollar index (DXY) is currently at 92.64 and seems to have strong support around the current level. The pair’s immediate support levels are at 0109.86 and 109.69. The intraday resistance levels are at 110.13 and 110.36.
On the intraday charts, a bullish moving average crossover is present that might help bulls regain strength and once again move higher. The mid-Bollinger band is at 109.83 while the upper and lower bands are at 110.32 and 109.35 respectively. The RSI is at 50 and has a downwards curve while the MACD is above the middle line. Although the bulls are currently under pressure the pair has multiple support areas near the current market price. Therefore this downwards move can be taken for a well-placed buy entry using the following levels
Direction: Buy
Entry: 109.80
Take Profit: 110.15 – 110.35
Stop-Loss: 109.56
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