USD/JPY: technical analysis 18.11.2019
USD/JPY today continues today a positive dynamic. The pair is trading above the middle line of Bollinger Bands and has the potential to further grow to 108.984 resistance. This case scenario will be actual after the price is set above the 108.850 resistance.
The pullback below 108.740 level will be a signal for downward correction formation and give the prospect of decline to the support level of 108.594. This level seems at a key level for the short term sellers. The area of 108.594-108.535 can activate an upward rebound, while its breakdown would allow the fall to continue to the area of 108.398 support.
Technical indicators reflect the moderate maintenance of the current upward trend.
Bollinger Bands are converging on the background of bullish momentum, reflecting the moderate development of upward dynamic.
MACD volumes are decreasing in the negative zone, showing the growth of buyers’ moods.
Stochastic is in the overbought zone and is pointed upwards, reflecting the high possibility of upward movement formation.
Support and resistance
Support levels: 108.789, 108.594, 108.398.
Resistance levels: 108.984, 109.180, 109.375.
Short positions can be opened below the level of 108.740 th the target at around 108.594-108.398 and stop-loss at 108.660.
Long positions can be opened above the level of 108.850 with the target at around 108.894-109.180 and stop-loss at 108.740.