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)
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.© 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.