Look for short term buy orders towards 50.0% fib level. | 11 December 2019

Technical Observation

Earlier last week, USDJPY established a resistance around 109.65, then earlier this week, we established a swing low around 108.40. These two are significant levels and while the price does not clear break below 108.40, then this will be a good confirmation that we are continuing to the lower side. According to the 4 hours chart attached, the current rally to the upper side is the continuation of a correction to the upper side but should not go beyond the 50.0% fib level, a break and close above 50.0% fib level could push price higher towards 61.8% fib level.

Trade Recommendations:

Look for short term buy orders towards 50.0% fib level.