MarketDeal24.Com – USD/JPY pair traded in a short range during the Thanksgiving holiday.
The USD/JPY is below the November opening level of 104.50 in a four-hour time frame as the US dollar index moves closer to its lowest level this month. When sellers enter the market, the price will 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.
If the price is tested at 104.50 in a four hour time frame, sellers will enter the market and target 104.