USD/JPY: ANALISIS TEKNIS 08.11.2019
USD/JPY is in the stage of a downward correction after rising to the level of 109.481. If the sellers manage to decline the rate below the level of 109.142, the correction can continue to the area of 109.023-109.984. This area is the key zone of a downward correction. There is a chance of an upward rebound, while its breakdown will be a signal for downward trend formation and let the price fall to 108.789 support.
Failure to conquer the 109.142 marks during the short term period will let the price retest the 109.375 resistance. The area of 109.375-109.481 seems a strong resistance zone, which can activate a downward rebound. Meanwhile, the breakout of 109.481 and the pair’s sustained trading above it will be a key trigger for bullish traders. In this case, the buyers will aim for the 109.570-109.766 resistance zone.
The technical picture is mixed. Bollinger Bands are pointed upwards. MACD stabilized in the positive zone, keeping a buy signal. Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.
Support and resistance
Support levels: 108.180, 108.984, 108.789.
Resistance levels: 109.375, 109.481, 109.570, 109.766.
Short positions can be opened below the level of 109.142 with the target at around 108.984-108.789 and stop-loss 109.259.
Long positions can be opened above the level of 109.400 with the target at around 109.481-109.766 and stop-loss 109.278.