USDJPY Analysis 19.11.2018

The US dollar fell during the Asian session for the sixth session of its highest since October 4 against the Japanese yen amid a lack of economic data by the Japanese economy.

Technical analysis:

USDJPY has been able to achieve negative targets, and we see that the price breaks the support of the ascending channel to open the way for the short-term extension of the downside wave, targeting 112.46 and 111.97 as the next major stations.

Therefore, the bearish bias will be likely in the coming sessions with the support of moving below the SMA 50, unless the pair breached the 113.56 level and stability above it.

The Stochastic is moving in the oversold area, which is confirming the potential downtrend.

The trading range for today is expected among the key support at 111.80 and the resistance at 113.40.

Support and resistance:

Support: 112.70-112.11-111.80;

Resistance: 113.12-113.40-113.70.

The general trend for today is bearish.