Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
USD/JPY: yen returned to the convergence zone
2019-11-11 • Updated
On the USD/JPY daily, the quotes reached the lower border of the downward trading channel, but, then, they returned 108.8. There is a target 161.8% in AB = CD and 50% correction level from the last long-term upward wave. The further movement of the pair will depend on the test of this level.
On the USD/JPY hourly chart, the rise of quotes above the corrective high at 109.45 will activate the "Shark" pattern. Its 113% target is located in the area of 110.05-110.1. There is the upper border of the descending channel. Big sellers might be very active near the resistance at 110.25.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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