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FxWirePro: USDJPY trades below 200-H MA, dip till 107.80
Major support 108
USDJPY has halted its bullish trend and trading weak for the past 4 days. It formed a temporary top around 109.48 and declined more than 100 pips. The dip was mainly due to slight pessimism in US-China trade talks. It hits a low of 108.59.
US CPI climbed sharply to 0.4% vs estimate of 0.3%, rising most in 7 months. The annual inflation came at 1.8% YoY well below the Fed target 2%.
US 10-year yield has lost more than 6.5% after hitting a high of 1.97%. The yield has jumped more than 15% this month and is currently trading at 1.845%.
On the flip side, near-term, support is around 108.48, any indicative break below will drag the pair down till 108/107.40.
The major trend continuation can be seen only above 109.50, any violation above targets 110/110.60. The minor resistance is 109/109.25.
It is good to sell on rallies around 108.85-90 with SL around 109.50 for the TP of 107.80.
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