USDJPY weekly technical analysis for november 18th 2018
According to the weekly chart of the USDJPY, the bullish three-month bullish market started at a high of $ 125.85 in 2015 at the prevailing price level of 77.36 in September. The pair continued trading pressures after the record highs of 125.85, which saw a return to market decline to 99.00 Rand and a retracement of the market correction fluctuations. This correction continued until 118.660. In late March, the downward movement of the US Dollar to the Japanese yen stopped at an average of 104.50 and support for this level of the market triggered a new bullish rally.
In the second week of September, the USDJPY currency pair broke the downtrend line three-fold in the upward moves, moving close to the mid-range of 114.55. Recent upsurge in market has been on the upside channel. In the previous report, the probability of a negative market return was due to a resistance range of 114,50-115. 50 It was noted last week that retailers entered the market again around the resistance range and the Rand rate of 114.00, and the Kandel pattern formed a bearish cover.
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In trading this week, the pair could fall to the bottom of the ascending channel in response to a recurrent signal. The channel’s failure along with the 112.00 rand rate will put the market at the top of the sponsorship target at 111.00-110.50.
Against the USDJPY, the pair could revert back to the 114.00 rand rate and the resistance range. To continue moving up to the high of 118.66, the range should be 115.50-114.50 after one year and ten months to be definitively broken.