USDJPY Daily Analysis (Nov 1)

USDJPY Daily Analysis (Nov 1)

USJPY Chart

The price has hit the key long term resistance area among 114.50-115.00. Below this resistance the possibility of a downside pullback is present. As it also coincide with the 78.6 Fibonacci retracement level for the overall major A-B wave.

To the downside, the key short term resistance could be at 113.20. Therefore, bias is neutral/sideways between 115.00-113.20.

A break below 113.20 may extend the downside and expose the recently broken key resistance around 112.20 . To the upside, a break above 115.00 may signal the continuation of the major bullish trend(started from 102.60 swing low in early January) towards 116.20 and 118.65 major swing high(point A).

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