Thursday, October 17, 2019

USD/JPY

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Fundamental Highlights


The Dollar-Yen edged lower during yesterday’s session following the lower Yields amid dismal US data and uncertainty surrounding a US-China trade deal. Equities, on the other hand, remained sidelined ahead of some clearer news, with major worldwide indexes moving back and forth around their opening levels. Optimism surrounding Brexit kept the pair afloat. However, earlier this morning that optimism might start to fade after reports of the DUP rejecting PM’s Brexit deal. The sentiment is mixed today as traders are waiting for a headline to move the market in either direction.

Technical Analysis

The Dollar bulls attempted to break above 108.80 for the second consecutive day but the bears kept price consolidating just below that level. The buyers need to gather momentum and extend gains towards 109.10. The bears on the other hand, need to break this medium-term strong uptrend to regain control by pushing price towards 108.45.

Support: 108.45 / 108.10
Resistance: 108.80 / 109.10

Chart (H4)
USDJPY