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30.11.202111:12 Forex Analysis & Reviews: USDJPY weekly reversal.

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.

In previous posts we warned traders that USDJPY was showing reversal signs. The first sign came two weeks ago when the weekly candle formed a bearish hammer pattern. The following week started very strong against our predictions, however at the end of the week prices plummeted and repeated an even worse bearish hammer pattern by breaking to lower lows.

Exchange Rates 30.11.2021 analysis

This week continues where the previous ended. Price is bounced but it remains under pressure while it is making new lower lows below that weekly lows of previous two weeks. Current price action implies that USDJPY is expected to be under pressure for the coming weeks and a pull back towards 111-111.50 is very possible. The weekly reversal has been confirmed and at current levels we are either neutral or slightly bearish. Price is vulnerable to more downside.
Alexandros Yfantis
Analytical expert of InstaForex
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