FxWirePro: sell usdjpy on rallies
Source: FxWire Pro - Technicals / 04 Dec 2019 03:02:13 America/New_York
Ichimoku Analysis (4-hour chart)
USDJPY continues to trade lower for 3 rd consecutive days and lost more than 100 pips on trade war uncertainty between the US and China. President Trump has tweeted that he like "idea of waiting until after the election for the China deal."Earlier on Monday US told that it would reimpose tariffs on steel and aluminum imported from Argentina and Brazil. It hits a low of 108.48 and is currently trading around 108.45.
On the flip side, near term support stands around 108.20 and any break below will drag the pair till 107.80. Any major bearishness only below 107.80.
The major intraday resistance is around 108.80 (200-4H MA), the violation above will take the pair to the next level till 109.20/109.75.
It is good to sell on rallies around 108.55-60 with SL around 108.85 for the TP of 107.80.
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