Risk assets bid on EU migration deal, long USD/JPY breakout at 1
Demand for risk assets are on the rise on the news that European leaders have reached an agreement on migration.
USD/JPY hit 2-week highs at 110.78 before paring some gains to currently trade at 110.70.
The pair finds major trendline resistance at 110.75, break above could propel the pair higher.
Technical indicators on daily charts are biased higher. Stochs show bullish momentum and RSI strong above 60.
Breakout at trendline resistance likely to see test of 111.40 (May 21 high) ahead of 112.57 (78.6% Fib).
On the flipside, rejection at trendline resistance to see retrace till 21-EMA (110.10). Break below daily cloud to negate bullish bias.
Support levels - 110.17 (200-DMA), 110.10 (21-EMA), 109.73 (cloud top)
Resistance levels - 110.75 (trendline resistance), 111, 111.40 (May 21 high)
Good to go long on breakout at trendline resistance (110.75), SL: 110.15, TP: 111/ 111.40/ 112
USD/JPY hit 2-week highs at 110.78 before paring some gains to currently trade at 110.70.
The pair finds major trendline resistance at 110.75, break above could propel the pair higher.
Technical indicators on daily charts are biased higher. Stochs show bullish momentum and RSI strong above 60.
Breakout at trendline resistance likely to see test of 111.40 (May 21 high) ahead of 112.57 (78.6% Fib).
On the flipside, rejection at trendline resistance to see retrace till 21-EMA (110.10). Break below daily cloud to negate bullish bias.
Support levels - 110.17 (200-DMA), 110.10 (21-EMA), 109.73 (cloud top)
Resistance levels - 110.75 (trendline resistance), 111, 111.40 (May 21 high)
Good to go long on breakout at trendline resistance (110.75), SL: 110.15, TP: 111/ 111.40/ 112
Comment:
All targets hit