Daily analysis of USD/JPY for November 20, 2017

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Overview

The USD/JPY pair resumed its trading lower after confirming a break of 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 from 107.31 to 114.73. This urges caution from the nearest trading as breaking this level will push the price to decline deeper with a downward target of 111.00 directly. 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 the chart. This gives us an idea of the bearish trend for today. We take into consideration that breaching 113.00 will stop the current negative pressure and push the price to regain its main bullish track again. The expected trading range for today is between 111.00 support and 113.00 resistance.

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