USD/JPY Bullish Correction Set to Halt - Bearish Trendline In Focus

EagleFX Team EagleFX

The USD/JPY currency pair hit the bullish track and rose by 30-pips while reached on 108.70, mainly due to uncertainty eased between the United States and China trade deal.

Yesterday, the pairs dropped and hit the lowest level for 8-days at 108.25 after the global stocks and the United States Treasury yields dropped due to fresh China recession tension and Germany close to a recession.

Technically, the USD/JPY has bounced off above 108.300 support level, and the bearish trendline on the 4-hour chart is likely to keep the USD/JPY bearish today.

The MACD and RSI are trading in the selling zone, while the USD/JPY prices still hold below the 50 periods EMA level. The EMA is staying at 108.800 level, which means the USD/JPY can stay bearish below this level. Closing of test bar or Doji candle below 108.80/90 level may drive further selling in the USD/JPY pair.

USD/JPY - Trade Setup

Sell Limit 108.850

Take Profit 108.500/400

Stop Loss 109.100

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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