
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
2020-07-01 • Updated
If the pair crosses this level, it will surge further, otherwise – reverse. Check it out.
USD/JPY is moving up for the fifth day. It will meet soon the strong resistance at 107.850, which it has touched several times already. There are two scenarios. The first and the most possible one is that the pair will break through the resistance at 107.850 and surge further to 108.400, where is the 200-day moving average lies. According to the second scenario, USD/JPY will reverse from the resistance at 107.850 and fall firstly to the support at 107.400 and then to the 50% Fibonacci level at 106.80. Follow the next movement of the pair, define the break out or the pullback and trade accordingly.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
What is going on with this energy asset these days, and should we prepare for further falls?
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