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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
 

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July 2 15:00 UTC Released

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449.6 Stale

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50 %

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48.6 %

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-1541 %

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January 31 00:00 UTC 823043823043m

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