Chart Of The Day: 109.70 regains USDJPY traders’ attention amid the safe-haven rush

Thu, 09 May 2019 13:44

With the escalating chances of another tariff war between the US and China fuelling safe-havens, the USDJPY aims to revisit 109.75/70 horizontal-support comprising lows marked since early February. Should there be additional downside below 109.70, 109.00 and 108.70/65 can entertain Bears targeting sub-108.00 area.

Meanwhile, 110.30 could restrict immediate advances ahead of focusing the market light on 110.60 resistance-confluence including 100-day SMA and 61.8% Fibonacci retracement. In a case, the quote rallies past-110.60, 111.00 can offer intermediate relief to the Bulls before pushing them to confront 111.35/40 resistance that has 50-day SMA and a fortnight old trend-line as important catalysts.

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