SimpleFX Blog
    Facebook Twitter Instagram
    Tuesday, June 28
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX BlogSimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»Analysis»Oil and Japanese Yen Could Be the Right Choice for Trading This Week
    Analysis

    Oil and Japanese Yen Could Be the Right Choice for Trading This Week

    Zach WrightBy Zach WrightAugust 11, 2020Updated:August 14, 2020No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    Oil rises on the bullish news – new stimulus hopes and production cut by Iraq and Saudis. We also take a closer look at the USDJPY pair. Here’s our technical outlook for this week.

    SimpleFX USOIL Chart Analysis: August 11, 2020, 11 a.m. UTC

    We see an upward movement of the market inside the yellow and green channels. After the price rebound from the intersection of the lower lines of these two channels, we saw a smooth increase in the price.

    [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#df4444″]SELL Oil[/button]        [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]BUY Oil[/button]

    It is likely that in the near future USOIL rise will continue to the upper line of the yellow channel and the resistance of 44.48. If the resistance is broken, we can see the market rise to the upper line of the green channel, on the wall of which there is a resistance of 46.69.

    However, if we see a decline to the support of 41.25, and then a break of the lower green line, then in the following trading days, a decline to the 40.27 region, which is on the lower yellow line, is possible.

    Perhaps we will add this symbol to our watchlist.

    SimpleFX USDJPY Chart Analysis: August 11, 2020, 11 a.m. UTC

    For a long time, USDJPY moves in a downward direction inside the green channel. Not so long ago, we saw the price rebound from the lower line of this channel, after which the market began to move in an upward direction.

    Now the price is in the upper zone of the green channel, which may mean that the market is dominated by bulls and they may be heading to the resistance level of 106.77, which is on the upper line of this channel.

    [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#df4444″]SELL USDJPY[/button]        [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]BUY USDJPY[/button]

    However, if the bulls lose their strength, bears will take their place and send the currency pair to the lower line of the green channel and the support level of 103.41.

    In the current situation, it is difficult to give a more accurate forecast due to the inability to build additional channels.

    featured forex oil
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleBright Near Future for Bitcoin and Gold but Don’t Forget to Hedge Your Long Positions
    Next Article UK’s Historic GDP Drop Shoked the Markets But GBP Is Recovering
    Zach Wright

    Related Posts

    A Possible Rebound Scenario for Japanese Stocks?

    June 28, 2022

    How Long the Recent LTCUSD Run Can Last?

    June 24, 2022

    Is BMW Worth It After the New China EV Plant Activation?

    June 23, 2022

    Leave A Reply Cancel Reply

    Copyright © 2022. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT