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USDJPY Overview: Bulls look for a close above 119.000 handle

USDJPY Overview: Bulls look for a close above 119.000 handle

Anka is trading on a critical level.

  • Improvement risk-sentiment continues to dent JPY’s safe-haven status.
  • Modest USD rebound/rising bond yields supportive of the positive move.
  • Wednesday’s FOMC meeting minutes could set up a fresh dimension.

USDJPY  built on last week’s strong recovery move from flash crash lows to sub-105.00 level, with a combination of supporting factors triggering the positive momentum for the third consecutive session on Tuesday.

After Friday’s Job and Wages figures, the market players looked past Monday’s disappointing release of US ISM non-manufacturing PMI and a goodish pickup in the US Treasury bond yields assisted the US Dollar to rebound from its weakest level since mid-October.

Adding to this, a continuous improvement in risk-sentiment led by optimism over a possible US-China trade deal and as depicted by positive mood across global equities, further dented the Japanese Yen’s safe-haven status.

The pair is trading at 108.940 as of writing. It is still below EMA 50 of H4 Chart. To maintain the bullish bias,  Bulls will be waiting for a daily closing above 109.200 – 109.400 regions.

On the upside: 109.200 and 109.400 are the key levels. A clear break will carry the price towards 110.200.

On the downside: a break below 108.600 would carry the price towards 108.200 and 107.810.

Any intraday opportunity would be published for the members.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

USDJPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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