USDJPY november 27th 2018 price action analysis
Despite the full weekly downtrend of the 115 -50-113 / 85 supply range, the market could not cross the 2018 rebound rate at 112.65. Below the opening rate of 2018, the weekly demand area is 111- 48-110. 38. Against the breakdown of the current supply area, USDJPY could rise to a reopening rate of 2017 at 116.97.
On the USDJPY daily chart, you have to bear the risk of a supportive trend drawn from the 109-77 floor, which is consistent with 112.11. On the upside, the high of 12 November will be on the 114th 23rd target, with a slight margin with a key resistance of 114.45. Half-hourly movements on Friday show support at 112.67 (which is consistent with the reopening of 2018) has recently been activated. On Friday, US dollar pressures pushed USDJPY to close the day at close range of 113.
Most short-term traders are likely to select a rate of 113 as the appropriate venue for entering the USDJPY sales deal. However, it might be better to focus on the resistance area 113.41-1.13.25. This zone is in good agreement with the resistance line drawn from the peak of 114.23 and the Fibonacci resistance of 50% at $ 113.28 and the RSI indicator also indicates a divergence.
Price action strategy
It’s possible to enter the USDJPY trade from 113.25 and put a loss limit above 113.41. Assuming that the first profit margin of USDJPY is a Rand rate of 113, it would be better if the market arrived at 113 limit losses to the place of entry into the transaction. The main trading profit margin is at 112.67 hrs.