Technical analysis of USD/JPY 07/20/2021

USD/JPY currency pair develops a downward movement. The pair broke through the support of 109.50 (23.6% Fib) and dropped to the level of 109.00, from where it corrected and is currently testing the level of 109.50 as a resistance.
The technical picture suggests the development of a downward movement with the nearest target in the area of 108.20 (38.2% Fib).
Cancellation of the pair’s decline will be the quotes growth above the level of 110.50 (MA100) and the upper line of the descending channel.

USDJPY_STPH4

Created by Joshua Hayn

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