FxWirePro: buy usdjpy on dips
Source: FxWire Pro - Technicals / 10 Nov 2019 16:30:00 Europe/London
Ichimoku analysis (hourly chart)
USDJPY has broken major resistance 109.30 and jumped till 109.48 yesterday. The pair was consolidating between a narrow range of 109.28 and 107.88 past one week. The US-China has planned to roll back tariffs in phases that have decreased the demand for Safe-haven assets like yen, gold.
US 10-year yield is trading extremely bullish and jumped more than 9%. The spread between US 10 and 2-year has widened to 26 bps.
Technically, the pair is trading slightly above 109.30 and this confirms major bullishness, a jump till 110/110.60.
The near term support is around 109, break below that level will take the pair down till 108.50/108/107.80. Minor weakness can be seen only below 107.80.
It is good to buy on dips around 109.20-25 with SL around 108.80 for the TP of 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.