• FxWirePro: usdjpy trades higher on trade optimism, major bullishness only above 109.30

    Source: FxWire Pro - Technicals / 07 Nov 2019 05:07:33   America/New_York

    Ichimoku analysis (Weekly chart)




    Kijun-Sen- 107.70


    USDJPY is consolidating between a narrow range of 109.28 and 107.88 past one week. The US-China trade optimism is supporting the pair at lower levels. If China and the US reach a phase-one deal, both sides should roll back existing additional tariffs. It hits an intraday high of 109.12 and is currently trading around 109.01.


    Technically, the pair has formed almost a triple top around 109.30 and any violation above will take the pair to next level till 110/110.60.


    The near term support is around 108.50-60, break below that level will take the pair down till 108/107.80. Minor weakness can be seen only below 107.80.


    It is good to buy on dips around 109 with SL around 108.50 for the TP of 110.



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