Technical analysis

USDJPY Wave Analysis 17 November, 2020

USDJPY Wave Analysis 17 November, 2020

• USDJPY reversed from resistance area

• Likely to fall to 103.25

USDJPY continues to fall after previously reversing down from the resistance area lying between the resistance level 105.20 (former support from the start of October), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from June.

This resistance area was further strengthened by the resistance trendlines of the two daily down channels from July and March respectively.

USDJPY is likely to fall further toward the next support level 103.25 (which stopped the previous sharp impulse wave C at the start of November).

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