Blog post

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.

Join us on FB and Twitter to stay updated on the latest market events.

Our awards

award1 award2 award3 award4 award5