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FxWirePro: USD/JPY breaks major resistance at 104.65, good to go long on dips

  • USD/JPY bulls take a breather after break of major channel top resistance at 104.65.
     
  • Markets pricing of a Fed rate hike in December remains the main catalyst. 
     
  • That said, US election results could shift the odds in either direction.  
     
  • For now, the pair trades with a major bullish bias, scope for further gains.
     
  • The pair is currently hovering around 23.6% Fib retrace of 125.856 to 98.787 fall at 105.17.
     
  • RSI strength at 65, MACD is in positive territory and biased higher.
     
  • Major support levels - 104.65 (5-DMA & trendline), 104, 103.81 (20-DMA)
     
  • Major resistance levels - 105.55, 106, 106.40 (July 22 high), 106.81 (June 24 high)

Recommendation: Good to go long on dips around 104.75, SL: 103.80, TP: 105.55/ 106/ 106.81
 

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