• FxWirePro: buy usdjpy above 109.30

    Source: FxWire Pro - Technicals / 06 Nov 2019 01:52:58   America/New_York

    FxWirePro: Buy USDJPY above 109.30

    Major resistance - 109.30

    USDJPY has formed a triple top around 109.30 and shown a minor dip of more than 20 pips.  The intraday trend is bullish as long as support 108.50-60 holds. The US-China trade optimism has decreased demand for safe-haven assets like yen, gold. It hits high of 109.24 and is currently trading around 109.04.

    US 10-year yield continues to trade higher and any break above 1.91% targets 2%. US yield and yen are inversely related to each other.

    On the flipside, near-term support is around 108.45-50 and any violation below will drag the pair to the next level 108/107.80/107.37. Major trend continuation only if it violates 106.40.

    The pair formed almost a double top at 109.30, jump above that level confirms minor bullishness, a jump till 110/110.60 likely.

    It is good to buy above 109.30 with SL around 109 for the TP of 110/110.60.

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