Home USD/JPY Technical Analysis: Talk of US-China trade deal triggers falling wedge breakout
FXStreet News

USD/JPY Technical Analysis: Talk of US-China trade deal triggers falling wedge breakout

  • Bloomberg is reporting that President Trump has asked the cabinet to draft a possible trade deal with China. The news comes after Trump and Xi’s telephonic conversation ahead of the G-20 Summit.
  • The news is helping the CNY, risk currencies and most majors score gains against the US dollar. The anti-risk Japanese yen, however, is on the defensive against the greenback. The price action in the FX markets is indicative of a solid risk-on action during the day ahead.
  • The USD/JPY witnessed a falling wedge breakout a few minutes before press time and is currently trading at 113.00. The pattern indicates a resumption of the rally from the Oct. 26 low of 111.38 and could yield re-test of the recent high of $113.38.
  • The RSI on the hourly chart has also turned bullish above 50.00.

Hourly Chart

Trend: Bullish

USD/JPY

Overview:
       Last Price:  112.73
       Daily change:  2.0  pips
       Daily change:  0.0177%
       Daily Open:  112.71
Trends:
       Daily SMA20:  112.55
       Daily SMA50:  112.3
       Daily SMA100:  111.67
       Daily SMA200:  109.91
Levels:
       Daily High:  113.06
       Daily Low:  112.6
       Weekly High:  112.9
       Weekly Low:  111.38
       Monthly High:  114.56
       Monthly Low:  111.38
       Daily Fibonacci 38.2%:  112.77
       Daily Fibonacci 61.8%:  112.88
       Daily Pivot Point S1:  112.52
       Daily Pivot Point S2:  112.32
       Daily Pivot Point S3:  112.05
       Daily Pivot Point R1:  112.98
       Daily Pivot Point R2:  113.26
       Daily Pivot Point R3:  113.45

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.