USD/JPY: technical analysis 13.11.2019.
USD/JPY is in the stage of upward correction after falling to the level of 108.864. The first target of the correction is the level of 109.125-109.180, which corresponds to the middle line of Bollinger Bands. This area can be an intermediate halt during the growth to 109.375 resistance. The area of 109.375-109.481 seems a strong resistance area, which can prevent the instrument from the growing as the possibility of the reverse of the price is high there. Meanwhile, decisive break of 109.481
is needed to indicate uptrend resumption. In this case, the buyers will aim for a 109.570-109.766 resistance zone.
If the pair cannot consolidate above the level of 109.180 during the short term period, the downward movement restoration and retest of the level 108.864 are possible. One may speak about downward trend continuation after the price consolidates below the support level of 108.789. In this case, the next targets of sellers will be the level of 108.594.
Support and resistance
Support levels: 108.984, 108.789, 108.594.
Resistance levels: 109.180, 109.375, 109.570.
Short positions can be opened below the level of 108.789 with the target at around 108.594 and stop-loss at 108.854.
Long positions can be opened above the level of 109.180 with the target at around 109.375 and stop-loss at 109.115.