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Title: USD/JPY Price Analysis: Defends ascending channel support ahead of FOMC minutes

Jul 06, 2021 12:14:16 PM GMT

By: AnalysisWatch

The USD/JPY pair attracted a few dip-shopping for close to the 110.40 area and staged a modest restoration from over two-week low touched in advance this Wednesday. The pair hung on to its modest profits across the 110.sixty five-70 area thru the mid-European session, albeit lacked any robust follow-thru.

The intraday uptick became supported with the aid of using a mildly nice tone surrounding America fairness futures, which has a tendency to undermine call for the perceived safe-haven Japanese yen. That said, COVID-19 jitters, in conjunction with a subdued US greenback fee action, saved a lid on any significant upside for the USD/JPY pair.

That said, it's going to nevertheless be prudent to look ahead to sustained electricity past the 111.000 mark earlier than putting clean bullish bets. The USD/JPY pair may then goal returned to retest YTD tops, across the 111.65 areas, earlier than accelerating the momentum similarly closer to reclaiming the 112.00 spherical figures.

On the turn side, the referred to trend-channel help, presently across the 110.40 area, may retain to shield the on the spot downside. A convincing damage under will shift the unfairness in choose of bearish investors and flip the USD/JPY pair liable to extend its current corrective slide.

The subsequent applicable help is pegged close to the important thing 110.00 mental mark, under which the USD/JPY pair may flip liable to decline similarly closer to checking out the 100-day SMA. The latter is presently pegged close to the 109.00 mark and must act as a robust close to-time period base for the major.

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