USD/JPY pullback could bring another buying opportunity
USD/JPY pullback comes after another bout of gains, with a further upside looking likely before long.
USD/JPY eases back after the recent gains
USD/JPY (大口) has been on the rise over the course of 2021 thus far, with the pair breaking from its 2020 downtrend just three weeks ago. That break through the top end of a descending standard deviation channel ultimately took the pair through the 200-day SMA and into the five-month high on Tuesday. However, we are seeing the pair move lower, here, with today marking the second consecutive day of the downside.
The four-hour chart highlights this recent pullback, with the pair clearly in the retracement mode. Given the progress of the past six weeks, there is a good chance we will see the pair turn higher before long. A deeper pullback towards the trendline and Fibonacci support could bring about a particularly interesting opportunity. In any case, this current move lower does provide a potential buying opportunity, with a bullish outlook in play unless we see a decline through 104.41 swing-low.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market.
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.