For Traders

Analytical Reviews

Technical analysis

10.11.202010:31 Forex Analysis & Reviews: USD/JPY analysis for November 10

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The US dollar has staged a major reversal against the Japanese yen as traders started to move into riskier assets after the bullish coronavirus vaccine news.

USD/JPY is back under 105.00 This drop is a substantial one for a usual Asai range, although its small compared to the rocket that was under USD/JPY overnight. The price respected a 4-moth old descending trend line since July 1.

The USD/JPY pair could surge towards the 108.00 resistance level if the 106.00 psychological resistance level and the trend line is overcome. Any pullbacks towards the 105.00 level are likely to be seen as a major buying opportunity for USD/JPY bulls.

The USD/JPY pair is only bearish when trading below the 105.00 level, with key support found at the 104.50 and 104.00 levels.

The USD/JPY pair is only bullish when trading above the 105.00 level, with key resistance found at the 106.20 and 107.40 levels.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.