FxWirePro: USDJPY faces strong resistance around 300-day EMA, good to sell on rallies
Major resistance -108.35 (300 W EMA)
USDJPY was trading higher for past 300-W EMA and jumped more than 350 pips on account of easing US-China trade tension which has decreased demand for Safe-haven assets like gold. The pair hits high of 108.25 and is currently trading around 107.99.
US-10 year yield continues to trade higher and jumped nearly 26% from a 3-year low of 1.428%. The spread between US 10-year and US 2- a year has widened from -- 5 bps to 6 bps.
On the flip side, the near term major support stands around 106.50-60 (23.6% fib) and any violation below targets 106.25/105.50.
It is good to sell on rallies 108.15-20 with SL around 108.50 for the TP of 107.25.
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