USDJPY Analysis 20.11.2018

The US dollar fluctuated in a narrow range slipping towards the Asian session to see its fourth session decline in six trading sessions since October 4th against the Japanese yen following developments and economic data that followed on the Japanese economy and on the eve of developments and economic data expected on Monday By the US economy, the world's largest economy.

At 05:48 GMT, the USDJPY dropped to 112.40 from the opening levels at 112.53 after hitting the lowest level since November 2 at 112.37, while the pair reached its highest level in trading Session at 112.63.

Technical analysis:

The USDJPY pair touched our first awaited target at 112.46 and is stabilizing. As the price does not support the ascending channel appearing in the picture, we continue to favor the bearish bias in the coming sessions, with our next target at 111.97.

The price is trading below the moving averages and the SMA 50 is pressuring the price to push it further bearish. While the stochastic has reached the oversold area and this reinforces the bearishness

We note that a breach of 112.96 then 113.56 will stop the negative scenario and lead the price to regain the main ascending path again.

The trading range for today is among the key support at 111.80 and resistance at 113.00.

Support and resistance:

Support: 112.5-111.80;

Resistance: 112.75-113.00-113.50.

The general trend for today is bearish.