USDJPY November 8th 2018 technical analysis
Starting today’s analysis of USDJPY from the weekly chart. The USDJPY weekly chart has recently been able to cross the 2018 rebound rate at 112.65. This move has paved the USDJPY bullish direction to the 115-50-113.85 range. It should be noted that this weekly supply area has a strong historical background. On the USDJPY daily chart, the resistance of 113.40 could be a key level for the market. Defeat of this resistance will push USDJPY to a key resistance of 114.45, while the downside from the 113.35 could bring USDJPY to the support line drawn from the floor at 109.77.
In yesterday’s trading, the USDJPY’s four-hour chart fluctuated below the resistance zone of 113.31 to 13.13 and supply region 113.41-1.13.25. Given that the four-hour range refers to a daily resistance of 113.40, the USDJPY weekly buyers should first wait for the break of this range, and then expect USDJPY to arrive at the weekly supply.
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Price action strategy
The USDJPY weekly chart shows continued upside movements, but daily and quarterly charts show that USDJPY might weaken. That’s why it’s hard to make decisions about entering the job market.
Currently, the 4-degree green range between the lower end of the weekly supply range at 113.85 and the Rand 114 rate is appropriate to enter the USDJPY sales deal. A complete 4-hour downgrade curl in this range can be enough to enter the USDJPY sales deal. However, it is advised to act with caution due to the status of the weekly chart.