Chart Of The Day: “Falling Wedge” keeps USDJPY buyers hopeful of crossing 107.00 amid oversold RSI

Tue, 13 Aug 2019 14:04

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With the oversold RSI and a falling wedge bullish formation appealing on the USDJPY's 4-hour chart, buyers are waiting for a sustained break of 106.00 pattern resistance to aim for 200-bar moving average (4H 200MA) level of 107.70. However, 38.2% Fibonacci retracement of 106.70 and 107.20/25 region comprising 50% Fibonacci retracement can offer intermediate halts during the rally.

In a case prices keep trailing below the resistance, 105.00 – 104.95 area including recent low and pattern support can lure sellers. It should additionally be noted that the pair's decline below 104.95 may take a U-turn from January month low near 104.75 and 2018 bottom around 104.60, if not then it opens the door for the fresh south-run targeting sub-104.00 rest-point.

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