USD/JPY Technical Analysis – Hantec Markets 27/08/2020

by birtanpublished on September 10, 2020

Welcome back to my daily report market analysis videos with me richard perry market analyst at hand tech on thursday 27th of august looking at dolly yen where another chart that just reflects this sort of attempted dollar rally just

Starting to roll over um we had in the last week or so seen the dollar picking up and that was also evident against the yen um the series of sort of higher lows and little higher highs and breakouts back

Above 106 20. on tuesday but then wednesday we saw a retracement candle back below 106 and again back below 106 today and so breaking this run of higher lows now

I've drawn in this downtrend as well did that yesterday during the videos and it's pretty much still intact isn't it it's still a factor that the market is forming lower highs over the past month and a half and the fact that the

Market again is sort of failing in this resistance band of overhead supply between 106 and 107 all of these old lows between april and july the fact that the market is doing that i

Think is really again telling that the dollar is not really in a position to to set us um on the path of a sustainable recovery and we've got this speech by fed chair

Power today and obviously that's going to create volatility but once the dust settles on that move i'd any sort of volatility around the speech i still think that dollar is a

A selling to strength and um the likelihood is that it's going to roll over again and re-test the 105 10 mark which was the mid august low but 104 15 104 17 being the august low

And i think these levels are going to come under pressure again but um obviously in the very near term you're going to get some volatility so you may well see some resistance levels taken out on that

It's possible but ultimately i still see rallies as a chance to sell on a dollar yen so with that in mind i wish you good luck in your trading today click here to subscribe to our analysis videos go to our website sign up for our

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