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Technical Analysis: USDJPY stays above key resistance-turned-support after BOJ

With the US-China trade deal optimism all around, USDJPY traders ignore downbeat comments from the BOJ Governor Haruhiko Kuroda on Wednesday. The pair remains above the 15.5-month-old falling trend line and 200-week SMA as trading around 110.00, following the run-up to 8-month top the previous day. With this, buyers can keep targeting 61.8% Fibonacci retracement of September 2018 to August 2019 fall, at 110.70. However, pair's upside beyond 110.70 will be challenged by the year 2019 high surrounding 112.40.

Meanwhile, pair's decline 109.60/50 resistance-turned-support should be confirmed on a weekly basis to fetch prices back below 109.00, to 108.80, during extended fall. In a case where buyers fail to turn up around 108.80, possibilities of witnessing the early-month levels near 107.70 back to the chart can't be denied.

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