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FxWirePro: USD/JPY retraces above 108 handle on renewed risk-on triggered by US-China trade truce news
USD/JPY chart - Trading View
USD/JPY is extending gains above 108 handle, trades 0.29% higher at 108.09 at 04:30 GMT.
Markets in risk-on mode after reports of a US-China trade truce which dented demand for the Yen.
Technical indicators show signs of further upside. 'Bullish Divergence' on Stochastics supports gains.
5-DMA has turned and Stochs and RSI show a bullish rollover from oversold levels. MACD shows a bullish crossover on signal line.
Price has broken stiff resistance at 110H EMA and 200H SMA and is on track to test 21-EMA at 108.25.
The focus shifts towards the US Q1 final GDP data for fresh impetus. Breakout at 21-EMA could see gains upto 55-EMA (109.25).
Support levels - 107.52 (5-DMA), 106.78 (Jun 25 low), 106.31 (78.6% Fib)
Resistance levels - 108.25 (21-EMA), 108.80 (Jun 11 high), 109.25 (55-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-USD-JPY-edges-higher-despite-negative-Asian-equities-break-above-110H-EMA-to-see-further-upside-1554450) is approaching TP2.
Recommendation: Book partial profits at highs, trail SL to 107.50, hold for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.