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Wait | 31 October 2019

31 October 2019, USD/JPY

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Technical Observation

Yesterday USDJPY rallied intensely to the upper side and even formed a resistance around 109.270. the USDJPY retraced back to the lower side but is currently rallying around the 23.6% fib level, this is a key level and while the price is not able to break below this fib line, I expect a possible buy. But should price break below it, then I will expect a move towards 38.2% fib level, and if the price breaks below it, then a momentum towards 50.0% fib level is expected. On the hourly chart attached, we remain on the sidelines.

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Imelda Maseno
Analyst of «FreshForex» company
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