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Wait and buy USDJOPY from 106.666.

Wait and buy USDJOPY from 106.666. | 07 November 2019

07 November 2019, USD/JPY

Wait and buy USDJOPY from 106.666.

Technical Observation

After establishing a swing high around 125.928, USDJPY retraced perfectly up to the 50.% fib level but could not break below it. The pair then rallied high and is currently being contained within 23.6% fib level and 38.2% fib level. I'm waiting for a bounce from 38.2% fib level to pick a long term buy order towards 23.5% fib level, 114.081. A break above the last target will mean we are still continuing to the upperside with the next ideal take profit at 125.928. On its way to the upper side, the key lines to look for include 110.160, 119.00 and 122.060.

Trade Recommendations:

Wait and buy USDJOPY from 106.666.

Imelda Maseno
Analyst of «FreshForex» company
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