USD/JPY Bulls Struggle To Keep Above the 110.000 Level

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 29, 2021

USD/JPY briefly moved above the 110.00 mark yesterday but ended the day on the lower side at 109.89. Currently, the pair is trading at 109.79 with immediate support levels at 109.64 and 109.38. The intraday resistance levels are at 110.10 and 110.26.

The intraday price pattern is now moderately bearish and the bears appear to be heading towards a 19-July low of 109.06. The pair is keeping below the moving averages, the SMA-14 is at 110.05 and the SMA-50 is at 110.06. The RSI is at 45 and appears flat while the MACD is indicating a bearish trajectory as well. Following the intraday and 4-hourly price patterns, the pair is presenting sell opportunities at the following levels

Direction: Sell

Entry: 110.00

Take Profit: 109.40

Stop-Loss: 110.34

The 109.60 level has acted as a moderately strong support area and bears require an intraday closing below this level to extend the downside. Meanwhile, on the upside, bulls need a sustained price action above 110.20 to get back into the game.