Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
USD/JPY: bulls will make a stop
2019-11-11 • Updated
- BUY 112.85, SL 112.30, TP 114.00
- BUY 111.85, SL 111.3, TP 114.00.
On the daily USD/JPY chart, the pair ran into the convergence area of 114-114.55 (23.8% of the long-term bullish wave – 61.8% of the descending medium-term wave). This together with the realization of the interim target of 78.6% of the inverted "Shark" pattern creates the potential for the short-term correction.
On H1, USD/JPY wasn't able to overcome resistance at 113.93 (78.6% of the last descending wave) that points at the weakness of bulls. The pair may now return to support at 112.85 and 111.85.
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