USDJPY SIGNAL 08-03-22 : Holding 115.375 Could Trigger USDJPY Rally into 115.805.

The Dollar/Yen is edging higher early Tuesday as investors continued to weigh the impact of a rate hike by the U.S. Federal Reserve on the U.S. Dollar against the impact of weakening risky assets on the Japanese Yen’s appeal as a safe-haven currency.

USDJPY SIGNAL : Typically, rising U.S. Treasury yields make the U.S. Dollar a more attractive asset than the Japanese Yen. While a plunge in risky assets increases the safe-haven appeal of the Japanese Yen.

Currently, the global equity markets are under pressure just a week before the Fed is expected to raise its benchmark interest rate by 25-basis points. The sideways price action suggests investors aren’t sure how to play the market, which is leading to a drop in trading volume, However, the chart pattern also often indicates impending volatility.

USDJPY SIGNAL : The main trend is down according to the daily swing chart. A trade through 114.651 will signal a resumption of the downtrend. A move through 115.805 will change the main trend to up.

The short-term range is 116.339 to 114.411. The USD/JPY is currently trading on the strong side of its pivot at 115.375, making it support.

The minor range is 114.411 to 115.805. Its pivot at 115.108 is additional support.

The main range is 112.538 to 116.345. Its retracement zone at 114.442 to 113.583 is controlling the near-term direction of the Forex pair.

Confuse Which Broker is best ? , Here you can find the best regulated broker.