USDJPY: Sell on rallies
Major support- 105.50
USDJPY continues to trade weak for the past 1- a week after forming a temporary top around 109.31. The jump in Yen was due to the escalation of the US-China trade war and the Chinese Yuan devaluation. The Chinese Yuan is holding above 7 levels against USD.
Technically the pair is facing strong double bottom support around 105.50 and any violation below will drag the pair to the next level till 104.60.
On the higher side, minor intraday bullishness only above 106.30 and any break above targets 107.107.40.
It is good to sell on rallies around 105.85-90 with SL around 106.35 for the TP of 104.60.
USDJPY continues to trade weak for the past 1- a week after forming a temporary top around 109.31. The jump in Yen was due to the escalation of the US-China trade war and the Chinese Yuan devaluation. The Chinese Yuan is holding above 7 levels against USD.
Technically the pair is facing strong double bottom support around 105.50 and any violation below will drag the pair to the next level till 104.60.
On the higher side, minor intraday bullishness only above 106.30 and any break above targets 107.107.40.
It is good to sell on rallies around 105.85-90 with SL around 106.35 for the TP of 104.60.
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