USDJPY November 20th 2018 Price action analysis
With a fall in Treasury yield and US stock market rates, we saw a sharp fall in USDJPY. Market risk aversion has led to an increase in demand for the Japanese yen. The four-hour support of 112.67 (current resistance) broke down and kept its position on today’s trades. Regarding the USDJPY 4-hour graph, the failure of 112 support 67 has paved the downtrend to Rand 112 and key support of 111.82.
The USDJPY weekly chart also supports the escalation of sales pressures. The USDJPY daily chart can also support 112.11 and support key 111.62. Note that support of 112.11 is consistent with the support line drawn from the 109.77 and the 78.6% Fibonacci support at 111.98. However, the USDJPY weekly chart recently passed since the 2018 rebound in 112.65. Except for the October 22nd floor at 111.37, the next downside is on the weekly charts of the support line drawn from the peak of 123.57 and support at 108.13.
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Price action strategy
The place of matching the daily chart levels (yellow range between 112.11-11.198) is a good place for the USDJPY bullish upsurge. This range is also close to key support of 111.62. On the USDUJPY HU chart, it is likely that Rand 112 will maintain its position. However, there is the possibility of a fake failure of 112 to a level of 111.82. Therefore, if the full 4-hour Kendall is formed at 112, you can enter the USDJPY purchase deal.