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.© FxWire Pro 2019. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.