Hey everyone!
Welcome to PrimeXBT’s latest trade idea, focusing on USDJPY’s price action as well as fundamental news.
Fundamental Daily Forecast :
USD/JPY traders are monitoring their risk exposure on Wednesday due to Brexit concerns that appear to be spreading to the U.S. equity markets. U.S. traders don’t like uncertainty and they may use the Brexit developments as an excuse to book profits. Furthermore, some investors are still expressing some concerns over the lack of details regarding the U.S.-China trade deal.
The Brexit worries are not likely to go away today, so a “risk-off” session is likely to generate downside pressure on the USD/JPY trading pair. The chart pattern indicates the risk of heightened volatility.
Looking ahead, the Bank of Japan is anticipated to put its monetary policy on hold during its ongoing two-day policy meeting that ends on Thursday, as progress on the U.S.-China trade and a $122 billion fiscal package at home took some pressure off of the central bank to support growth.
Technical Analysis:
Currently, USDJPY's price is hitting strong resistance that’s coming from the downward trend-line and resistance zone.
Review this 2D chart price analysis in order to look at the longer-term USD/JPY technical trade levels:
In the near term, the Relative Strength Index on the USDJPY chart is flashing signs of bullish divergence, and some growth is expected inside a triangle. Once its price reaches the resistance line, a rejection could cause a drop to support below before a bounce occurs.
Share your thoughts about this trade idea in the comments section below, and remember to stay tuned for future technical analysis, news, updates, and more from PrimeXBT.
Welcome to PrimeXBT’s latest trade idea, focusing on USDJPY’s price action as well as fundamental news.
Fundamental Daily Forecast :
USD/JPY traders are monitoring their risk exposure on Wednesday due to Brexit concerns that appear to be spreading to the U.S. equity markets. U.S. traders don’t like uncertainty and they may use the Brexit developments as an excuse to book profits. Furthermore, some investors are still expressing some concerns over the lack of details regarding the U.S.-China trade deal.
The Brexit worries are not likely to go away today, so a “risk-off” session is likely to generate downside pressure on the USD/JPY trading pair. The chart pattern indicates the risk of heightened volatility.
Looking ahead, the Bank of Japan is anticipated to put its monetary policy on hold during its ongoing two-day policy meeting that ends on Thursday, as progress on the U.S.-China trade and a $122 billion fiscal package at home took some pressure off of the central bank to support growth.
Technical Analysis:
Currently, USDJPY's price is hitting strong resistance that’s coming from the downward trend-line and resistance zone.
Review this 2D chart price analysis in order to look at the longer-term USD/JPY technical trade levels:
In the near term, the Relative Strength Index on the USDJPY chart is flashing signs of bullish divergence, and some growth is expected inside a triangle. Once its price reaches the resistance line, a rejection could cause a drop to support below before a bounce occurs.
- Initial support zone: 109.005
- Resistance zone: 109.605 - 109.70
Share your thoughts about this trade idea in the comments section below, and remember to stay tuned for future technical analysis, news, updates, and more from PrimeXBT.
Trade active:
The support line of the triangle is broken.
Trade active
Trade active
Trade closed: target reached
Comment:
USD/JPY Bulls Struggle to Break Above Key Resistance Level
