Technical analysis of USD/JPY 11/26/2019
The USD/JPY currency pair is moving in the upward channel, where it found resistance at 109.50 (MA200 and 61.8% Fibo on the 1D timeframe) and is currently consolidating around 109.00.
If the pair manages to break through the resistance and fix above 109.50, this will give reason to assume its further growth and the formation of an inverted figure “head and shoulders” with a target in the region of annual maximums 112.00 -112.50.
Cancellation of the growth option for the pair will be a decrease below the area of 107.50, which will indicate a breakdown of the lower boundary of the ascending channel, (MA 100), the neck line of the inverted figure “head and shoulders” and may mean a possible change in trend with the prospect of a decrease to a key annual minimum of 104.50.
Created by Joshua Hayn