USD/JPY: technical analysis 29.11.2019

Current trend

USD/J{Y is in the stage of a downward correction after rasing to the level of 109.597. The instrument has the potential to further movement to 109.375 support. Assuming the pair’s ability to cross this level, the mark of 109.273-109.180 can be targeted if holding short positions. The breakdown of 109.180 will be a signal for downward trend resumption and let the price fall to 108.984 support.

Alternative scenario

The rebound from 109.375 will let the price retest 109.570 level, which is the strong resistance. The upward trend will be restored after the price is set above the level of 109.604. In this case, the next targets of buyers will be the level of 109.766-109.800.

The technical picture is mixed.
Bollinger Bands are pointed upwards.
MACD histogram has moved to a decline in the positive zone, forming a weak sell signal.
Stochastic is pointed downwards.

Support and resistance

Support levels: 109.375, 109.180, 108.984.
Resistance levels: 109.570, 109.766, 108.000.

Trading recommendations

Short positions can be opened below the level of 109.375 with the target at around 109.180 and stop-loss at 109.440.
Long positions can be opened above the level of 109.604 with the target at around 109.766-109.800 and stop-loss at 109.538.

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