• FxWirePro: usdjpy short term outlook

    Source: FxWire Pro - Technicals / 05 Nov 2019 06:21:08   America/New_York

    Major resistance- 109.30

     

    USDJPY has taken support near trend line and shown a more than 100 pips jump. The jump was mainly due to US-China trade optimism. The phase one deal is expected to be signed this month. This has decreased demand for safe-haven assets like yen, gold. The pair hits high of 108.89 and is currently trading around 108.86.

     

    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 on dips around 108.50 with SL around 108 for the TP of 109.30.

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