11 November 2019, USD/JPY
Technical Observation
Usdjpy is currently rallying to the lowerside, I expect the current rally to the lowerside to be a retracement to the lowerside and should not go beyond the 50.0% fib level. On its way to the lowerside, the key levels to look for include 23.6% fib level, 38.2% fib level and 50.0% fib level. On this chart, only if the price breaks and closes above the previous week's highest high that we will consider a long term buy order with and ultimate take profit at 110.00. A break above this level could mean we are continuing upwards towards 114.00.
Trade Recommendations:
Remain short with your take profit at 108.015.
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