USD/JPY Analysis (August 20)

It is always the same story with the USD/JPY which has been trading flat after the market has digested the last BoJ intervention (from August 04).
It has been though under the spotlight on friday with a sharp break below the historical low at 76,30 printing a new fresh record low at 76,00 now key support.
Considering the immediate bullish reaction on top of this level which result in a “spike” on this price, we consider that a major bottom base might be carving out.
We expect to see a significant bounce on this pair over the coming days and weeks but for the time being, we will remain on the sidelines until the picture becomes more clear.