USD/JPY looking to retrace 50%

USD/JPY looking to retrace 50%

2019-11-11 • Updated

USD/JPY has been strongly bearish across the board, looking to test new lows. During November 15th session, the pair has made a rebound and it’s targeting the Fibonacci zone of 50% at 113.18. If we see a pull back around that area, we can be on the way to test the next Fibonacci target of -23.6% at 112.12, while to the upside, if the pair breaks above 78.6%, then it can reach the November 14th at 113.89.

RSI indicator is in the neutral territory, calling for further sideways’ consolidation.

USDJPYmH1.png

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