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.© 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.