Trading plan for USDJPY for November 23, 2020
USDJPY might be attempting to carve yet another low below 103.65 levels, before resuming its rally. The currency pair is seen to be trading around 103.71 levels at this point in writing and is expected to resume higher soon. Immediate resistance is seen at 106.00, while support is around 103.18 levels respectively. A break above 106.00 will confirm that USDJPY bulls are back in control and that a meaningful low is in place. Also note that prices would break higher into the buy zone of the dropping trend line resistance as 106.00 breaks, indicating further upside. The overall structure on daily chart view continues to remain bullish until prices stay above 101.18 levels. The upside potential remains through 111.75 levels, to complete the structure that had begun in March 2020.
Remain long, stop @ 101.00 target @ 111.75
The material has been provided by InstaForex Company – www.instaforex.com