USD/JPY projected to test 112.81

USD/JPY projected to test 112.81

2019-11-11 • Updated

USD/JPY remains favored by the bullish bias, which strengthened after the formation of a bullish divergence in the RSI indicator two weeks ago. That’s why we’re drawing a Fibonacci expansion which should give us the upcoming key targets. According to that, the pair should extend its price action towards 112.81 and 113.96 (100%). To confirm such scenario, we should witness first a bullish crossover of the 50 SMA with the 200 SMA at H4 chart.

To invalidate that outlook, we should see a break below the support zone of 111.02, in a move that could open the doors to test the former resistance around 110.45. RSI indicator remains in positive territory, supporting the upside.

USDJPYH4.png

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