USD/JPY: The Direction of Highest Probability is Bearish on the

Tian Kriek

Analyst


November 24, 2020 11:57 AM

BEARISH

Daily Trading Range:
USD/JPY: The Direction of Highest Probability is Bearish on the Weekly time frame as price is moving from the C to the D. On the Daily chart I can see that the Bears are in control with price likely continueing South to the Fibonacci 1.27 extension on the Daily chart at 101.37. Even though the probabilities are aligned on the Weekly and Daily chart I can see that the equity markets are moving higher and this means that the JPY will weaken (or remain weak). There is no opportunity to sell the USDJPY if BOTH currencies are weakening at the same time. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-ny-workspaces_5/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 108.1300
Resistance 2: 110.7000
Resistance 1: 113.5000
Current Price 104.2400
Support 1: 111.0000
Support 2: 99.8600
Support 3: 93.0000

Two Hour Chart

Two Hour Chart
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