Market Snapshots

USDJPY Wave Analysis – 06 November, 2019

USDJPY Wave Analysis – 06 November, 2019
  • USDJPY reversed from resistance zone
  • Likely to fall to 108.50

USDJPY recently reversed down from resistance zone lying between the strong resistance level 109.2 (which has been reversing the price from the start of August), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from April.

The downward reversal from this resistance area stopped the earlier impulse wave 3 and (3).

USDJPY is expected to fall further and retest the next support level – 108.50 (former strong resistance from September).

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