Trading plan for USDJPY for November 17, 2020

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Technical outlook:

USDJPY might be preparing to carve a higher low around 104.20/30 levels, before resuming its rally. The currency pair is seen to be trading at around 104.50 at this point in writing and is expected to push higher towards 106.00, 107.00 and beyond. Immediate support is fixed at 103.18, while resistance is seen at around 106.00 levels respectively. The recent rally which is being worked upon is between 103.18 and 105.65 levels respectively and intraday support could be seen around 104.20/30 levels, going forward. Also note that the fibonacci 0.618 support of recent upswing is seen towards 104.20 levels and hence probabilities remain high for a bullish bounce, if prices manage to reach there. The overall structure remains bullish as long as prices stay above 103.18 support.

Trading plan:

Remain long, stop @ 103.00, target is 107.00 and higher.

Good luck!

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