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Trading Signal for USD/JPY for October 06 - 07, 2021: buy if it rebounds to 111,20 (SMA 21)

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Having found strong resistance at 6/8 of murray, USD/JPY is making a correction. The key support level is located at the SMA of 21 around 111.20. We hope that this level can halt the decline and the pair will be able to resume the overall bullish trend.

According to the 4-hour chart, the Japanese yen is trading within a downtrend channel that originated when it reached the high of 112.00. Since then, the pair has been consolidating below this level. In the next few days, USD/JPY is expected in to continue the decline to the level of 110.50, the bottom of the bearish channel.

The safe-haven assets against the US dollar when it loses appeal are the yen and gold. Amid uncertainty of the non-farm payrolls that will be published on Friday, investors are likely to take refuge in the yen, which is likely to strengthen and USD/JPY may fall to the 200 EMA level located at 110.30.

As long as USD / JPY is trading above the SMA of 21 located at 111.20, we expect a technical bounce at this level and it will be an opportunity to buy the pair with targets at 111.71, resistance level of 6/8 murray.

Conversely, a break below 111.10 may accelerate the decline of the Yen and it could find support at the 4/8 murray pivot point located at 110.93. If the bearish force prevails, the lower line of the bearish channel around 110.50 will be the final target.

The eagle indicator is moving below a bearish channel, showing a negative signal. So, if the Yen consolidates below 111.20, this price action will confirm the bearish strategy and it will be time to sell. As long as USD/JPY remains above the 21 SMA, the uptrend could continue to prevail.

Support and Resistance Levels for October 06 - 07, 2021

Resistance (3) 111.99

Resistance (2) 111.90

Resistance (1) 111.70

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Support (1) 111.19

Support (2) 110.93

Support (3) 110.54

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Trading tip for USD/JPY for October 06 - 07, 2021

Buy if rebound 111.20 (SMA 21) with take profit at 111.50 and 111.70, stop loss below 110.90.

The material has been provided by InstaForex Company - www.instaforex.com