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USD/JPY: Technical Analysis | November 26, 2020




USD/JPY: Technical Analysis | November 26, 2020

  • Update Time : Thursday, November 26, 2020
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USD/JPY: Technical Analysis | November 26, 2020
USD/JPY: Technical Analysis | November 26, 2020

MarketDeal24.Com – Demand for the USD/JPY pair declined on Wednesday as the US dollar index fell to a one-month low.

The four-hour price is currently below the November opening level of 104.50 after failing to cross the above level on Wednesday. If the sellers are stronger today, the price may go down to 104, followed by the 103.70 level.

The weekly candlestick has formed an wedge pattern (106.94/104.18) since the price dipped to supply 108.16-106.88 in August. The above mentioned Quasimodo support 102.55 is shown in the chart, which can be seen to support 100.61 if broken. However, if the price recovers strongly from 102.55, the price may rise above the downward eye pattern.

According to the technical analysis of the daily time frame, the daily price may close at the trend line resistance level taken from the maximum 111.71, which will move to the resistance 106.06 price if broken. However, if sellers take over the market, the price will go to a low of November 8 at 103.17, below which is Quasimodo support 102.55.

Important Things To Consider:

If the price is tested at 104.50 in a four hour time frame, sellers will enter the market and target 104.

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