- US-China trade optimism continues to fuel the ongoing bullish momentum.
- Sustained move beyond mid-108.00s will set the stage for additional gains.
The USD/JPY pair finally broke out of its daily consolidative trading range and jumped to near two-week tops, around the 108.25 region in the last hour.
A sustained move above 100-day EMA was seen as a key trigger for bullish traders and remained supportive of some follow-through buying interest on Friday.
The pair is now trying to build on the momentum further beyond a four-month-old descending trend-line resistance amid growing US-China trade optimism.
This is closely followed by 50% Fibonacci retracement level of the 112.40-104.45 downfall, which if cleared will set the stage for a further near-term appreciating move.
Beyond the said hurdle around mid-108.00s, the pair is likely to aim towards reclaiming the 109.00 handle en-route 61.8% Fibo. resistance near the 109.30-35 region.
On the flip side, any meaningful pullback now seems to find some support near the 107.85 region (100-day EMA), which if broken might negate the constructive outlook.
USD/JPY daily chart
|Today last price||108.25|
|Today Daily Change||0.28|
|Today Daily Change %||0.26|
|Today daily open||107.97|
|Previous Daily High||108.02|
|Previous Daily Low||107.03|
|Previous Weekly High||108.48|
|Previous Weekly Low||106.48|
|Previous Monthly High||108.48|
|Previous Monthly Low||105.74|
|Daily Fibonacci 38.2%||107.64|
|Daily Fibonacci 61.8%||107.41|
|Daily Pivot Point S1||107.32|
|Daily Pivot Point S2||106.68|
|Daily Pivot Point S3||106.33|
|Daily Pivot Point R1||108.31|
|Daily Pivot Point R2||108.66|
|Daily Pivot Point R3||109.3|
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