USD/JPY Sideways Pattern - Brace for a Breakout Pattern

EagleFX Team EagleFX

USD/JPY was opened at 108.474 and has placed a high of 108.702 and a low of 108.247; the pair is currently trading at 108.696. The pair has shown a Bullish Trend for the day.

At 10:00 GMT, the Core Consumer Price Index from Bank of Japan released as 0.3% for September in comparison to August's 0.4%. The second-best performing G-10 Currency for the year-to-date basis is Japanese Yen after the 1st Canadian Dollar. Yen performed well In Q2 and Q3, which had more risk-off market sentiment. In the recent Q4, where global financial market risk is emerging, the Yen is likely to drop and cause the upward movement in USD/JPY.

In the meantime, the EU and UK have secured a Brexit deal, and it has been passed to Parliament for further processing while on Trade talks front, the US & China also has scored a partial deal which is to be signed in APEC meeting in Chile on 16-17 November.

However, the partial deal has left many aspects still to be discussed and agreed upon between both countries. And on Brexit front, even though the chances for no-deal Brexit are faded, the uncertainty remains over the future trading relationship of EU & UK.

So, we can say that risk appetite for Japanese Investors has not entirely shifted. It’s just scope for continuous upward movement for USD/JPY has been limited. The Fed is likely to cut its rates a third time this year in the next Meeting, which has also limited the upward trend of USD/JPY.

Support	Pivot Point	Resistance
108.39	108.55	108.82
108.12	108.97
107.69	109.4

USD/JPY - Trade Setup

Sell Below 108.750
Take Profit 108.300
Stop Loss 108.900

Buy Above 108.250
Take Profit 108.600
Stop Loss 108.000

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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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