USDJPY Technical Analysis – July 21, 2021

USDJPY rose on Tuesday, and the technical bias is bullish due to higher lows in the recent downtrend.

The pair is currently trading near 109.911, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 110.050
  • Resistance level 2: 110.330
  • Resistance level 3: 110.700

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 109.700
  • Support level 2: 109.450
  • Support level 3: 109.200

On Friday, the United States will announce the Markit manufacturing PMI data. Higher data will indicate favourable to the US dollar, so it is positive for the USDJPY currency pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to buy the USDJPY currency pair near the current level.