FxWirePro: usdjpy faces strong resistance around 300-day EMA, good to sell on rallies
Source: FxWire Pro - Technicals / 15 Sep 2019 09:41:18 America/New_York
Major resistance -108.35 (300 W EMA)
USDJPY was trading higher for past 300-W EMA and jumped more than 350 pips on account of easing US-China trade tension which has decreased demand for Safe-haven assets like gold. The pair hits high of 108.25 and is currently trading around 107.99.
US-10 year yield continues to trade higher and jumped nearly 26% from a 3-year low of 1.428%. The spread between US 10-year and US 2- a year has widened from -- 5 bps to 6 bps.
On the flip side, the near term major support stands around 106.50-60 (23.6% fib) and any violation below targets 106.25/105.50.
It is good to sell on rallies 108.15-20 with SL around 108.50 for the TP of 107.25.© 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.