A Temporary Rally May Be Expected

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This topic contains 0 replies, has 1 voice, and was last updated by  wisepowder September 12, 2020 at 5:05 pm.

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      The USD appreciated against the JPY to the height of 109.87 in the first week of June. As soon as the resistance level was reached at 109.87, UDJPY began a downtrend since the first trading week in June with few consolidations without retracement. In the last trading day in July, price of USDJPY went as low as 104.20 before a correction occurred. USDJPY price never closed below 104.60 since 2016. The current price as at the time of writing shows the price of USDJPY is at 105.73.To get more news about <b>WikiFX</b>, you can visit wikifx official website.
      In August, USDJPY had low volatility in price movement. The price ranged between 105.11 as the lowest level while the highest level was at 107.06. The USDJPY bears are still very much in active on the Daily Chart. The 4hr Chart is showing indication of a temporary bullish movement; this could be a sign of the bulls becoming more active on a short term. Most major currencies outperformed the USD in August. In a situation price rallies, it could be less than 1%. Investors might be uncertain about the direction of the pair; a USDJPY temporary price rally to 106.2 might pave way for the bears to push price downwards. There should be high impact news on the USD, as a result of the Manufacturing PMI. This should bring more volatility to the USD market.

      The Gold price has been on a long bullish direction since the beginning of 2020 amounting to about 36% profit. Price reached a new high at 2061.41 in August. Ever since the all time high was reached at 2,061.41, price has been overbought on all larger time frames. This has resulted to a few lower highs as price is yet to break the resistance point.
      As at the time of writing, price of Gold is at 1989.30. If the price of Gold closes in the upper region of the Bollinger bands, this could push price to 2, 000 and above. Price testing the Gold resistance level might bring about a correction in price. Gold‘s candlestick for last week was bullish; the candlestick for this week has shown that Gold Price remains bullish. There is a strong support at 1956.29 with a few higher highs on a short term. Many investors might have seen Gold as a haven. Gold’s price might need to break the resistance level to keep the minds of investors at rest.

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