End of day 8/nov/18
End of day chart shows the yen in a very tight range before the FOMC after which it let rip & took out the 113.85 resistance to make a new high above 114.00
Day start S&R levels for 9/nov/18
The yen is in mid swing with 113.50 showing strong buyers and many more scattered all the way down to 113.
114.50 has strong sellers so a sustained break there may not be easy
USD/JPY dropped to 113.70 as Wall Street suffered heavy losses and despite
the broad-based greenback’s strength,
the pair lost its traction in the second half of the day and fell below
the 144.00 handle. Seems like the safe-haven flows helped the Japanese Yen
finding some emand ahead of the weekend.
USD/JPY closed with bearish tone at 113.80. The price
remains above its bullish moving averages but stochasrich is showing strong
bearish momentum and RSI has lost directional strength around its mid line.
First support zone is located at 113.60 and next one is 113.45. The upside offers
resistance at 114.08 and higher at 114.30.
Levels for day starting 11/11/18
Friday saw the yen edging lower from the 114.07 high. It found buyers every step of the way within a small trading range and could not sustain-ably break the 113.69 level.
It may try to test the lows further before resuming its up move. The 1st real support is seen @ 113.62 through to the much stronger 113.40 level. A buy signal should be seen around those levels.
On the upside, 114.51 is the 1st real target with more sellers @ 114.62, 114.73 & 114.96
After the USD/JPY pair has set fresh
1-month high, now is trying to retain the 114.00 level. The four hour time
frame is showing that the pair continues trading well above its 100-day and 200-day
SMAs and both are gaining ground just modestly, some 100 pips below the current
level. Technical indicators in the same chart ease within positive levels, the
Momentum at fresh daily lows and the RSI barely easing from overbought
territory with last one limiting the downside potential. Bulls and bears are
now battling for dominance. Should the pair lose the 113.85, the immediate
support, bears will take control and the pair could extend its retracement
then, down to 113.40. Above the mentioned high, on the other hand, the pair has
room to extend its advance up to 114.54, the October monthly high.