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USDJPY touches the second target – Analysis - 20-11-2017
The USDJPY pair resumed its negative trading after confirming breaking 23.6% Fibonacci correction level at 113.00, to reach the second correctional level at 111.90, which represents 38.2% Fibonacci correction level for the rise measured from 107.31 to 114.73, which urges caution from the upcoming trading, as breaking this level will push the price to achieve more decline that targets 111.00 areas direct.
The EMA50 forms continuous negative pressure against the price, which supports the chances of extending the bearish wave in the upcoming sessions, especially after breaking the correctional bearish channel's support that appears on chart, to keep the bearish trend suggested for today, taking into consideration that breaching 113.00 will stop the current negative pressure and push the price to regain its main bullish track again.
Expected trading range for today is between 111.00 support and 113.00 resistance.
Expected trend for today: Bearish
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