Technical analysis for USD/JPY for October 30, 2018

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Technical outlook:

The 4H chart has been depicted here to project short-term direction in the USD/JPY pair. USDJ/PY is seen to be trading very close to its initial resistance at 112.80/90 levels for now. It is quite possible for the pair to take a dip lower from the near levels towards 111.80 levels before deciding upon further direction. Besides, note that fibonacci 0.382 resistance is right around the price action for now and hence probability of a short-term drop remains high. Keeping the above view in mind, please note that upside potential remains through 113.30 levels, which is fibonacci 0.618 resistance of earlier drop from 114.50/60 levels as depicted here.

Trading plan:

Aggressive: Short now, stop above 112.80, target 111.80

Conservative: Short at 113.30/40, stop above 114.50, target open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com