USD/JPY Technical Analysis: Weekly close beyond 109.70/75 will be a call to bulls

Ritu

By Ritu,

Capital Sands

  • USD/JPY trades positive near the two-week high, on a five-day winning streak.
  • Bullish engulfing on the weekly chart confronts 109.48/52 resistance confluence.
  • 200-week SMA adds to the resistance.

USD/JPY takes the bids to 109.55 during the initial trading session on Friday. In doing so, the pair registers a bullish candlestick formation on the weekly chart that currently confronts the key resistance confluence.

In addition to 109.48/52 area including 50% Fibonacci retracement of October 2018 top to August 2019 low and a downward sloping trend line since November 2018, 200-week SMA around 109.70/75 also challenges the buyers.

If at all USD/JPY prices register a weekly closing beyond 109.75, it confirms the bullish engulfing candlestick pattern on the chart while also the bulls to aim for the late-May top near 110.00.

Following that, 61.8% Fibonacci retracement level of 110.70 and April 2019 high of 112.40 will lure the buyers.

On the downside, pair’s declines below 108.45/40 hold the key to 108.00 and 107.50 support levels. However, the pair’s drop beneath 107.50 might not refrain from dragging the quote to the sub-107.00 region.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Safest Forex Brokers 2020

Are you interested in forex trading and want to learn more about forex scam, commodity fraud, and other investment scams or just interested in reading those spectacular stories? Then this is the right place for you! Read about expert advisor software frauds, forex broker scams, managed account HYIP frauds, Ponzi […]

Subscribe US Now