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08 November 2019, USD/JPY

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Technical Observation

After a gap to the upperside, the USDJPY established swing high around 109.50. This is a key weekly resistance and while the price is still contained below it, we expect a possible retracement back towards the 50.0% fib level. On its way downwards, the key lines to look for include 108.80, 108.35, and 108.25. Only a break below the 50.0% fib level will bring an end to the current bullish price rally, and on the other side, should the price break above the latest swing high, then I expect a momentum towards 110.00.

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Imelda Maseno
Analyst of «FreshForex» company
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