• Risk-off sentiments resurfaced across the board following PBOC’s latest Yuan depreciation move
  • USD/JPY surged from 124.52 to 124.90, gains however were capped at 124.90 and the pair struggled to reclaim 125 handle
  • Markets currently mixed on direction, China effect seems over, USD/JPY off from 124.90 to 124.56 but holding 124.62 currently
  • Pair dips, but can’t hold below the 10-DMA. A nice bounce ensues and daily RSI is biased up again
  • Daily Tenkan at 124.48 offers solid support, breaks below could see 124.40 (Session low Aug 10th), resistance lies at 125.00, and further at 125.60 (Hourly High Jun 8)

Resistance Levels:R1: 125.00 (Daily High Aug 7)R2: 125.60 (Hourly High Jun 8)R3: 125.68 (Daily High Jun 8)Support Levels: S1: 124.48 (Daily Tenkan-Sen)S2: 124.15 (Session Low Aug 10)S3: 124.11 (Daily Low Aug 7)

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