​Chart Of The Day: 109.00 will be the key resistance to watch for USDJPY Bulls

Tue, 09 Jul 2019 17:00

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USDJPY's run-up to 5-week high will shortly be questioned by the key 109.00 resistance-confluence comprising 50-day SMA and mid-May lows. While RSI is far from overbought conditions, a successful upside clearance of 109.00 can propel prices further north towards 38.2% Fibonacci retracement level of 109.50 and then to previous month-end high close to 110.00. However, pair's additional rise beyond 110.00 may struggle as 100-day SMA level of 110.15 stands tall to challenge buyers.

On the contrary, 50% Fibonacci retracement near 108.60 acts as immediate support to the pair ahead of dragging it to a fortnight-long ascending support-line, at 108.00 now. In a case where bears dominate past-108.00, 61.8% Fibonacci retracement near 107.70, 107.00 and June month low near 106.80 could be on their radars.

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