Daily Price Action

USDJPY to Target 101.00 if 104.20 Breaks


On October 14th, I wrote about how USDJPY was likely to retest 104.20.

The pair broke out of a small rising wedge pattern, which hinted at a move toward the 104.20 key support area.

USDJPY reached our 150 pip target on October 28th.

However, I never thought USDJPY sellers were done there.

As I’ve stated for months now, as long the pair is below the 106.50 region, I liked the idea of an eventual move toward 101.00.

USDJPY symmetrical triangle on the monthly chart
USDJPY monthly time frame

So far, USDJPY is well on its way.

But as always, it’s going to take a daily close below the 104.20 area to open the door to 101.00.

Note that 101.00 has been significant since 1999.

Keep in mind too that the US elections are ongoing.

That’s going to continue to trigger increased volatility, especially once a new president-elect is announced.

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USDJPY daily key level
USDJPY daily time frame

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Justin Bennett says

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ali says

thanks for the update sir.

Khaleeq Ur Rehman says

Thank you Justin. Very accurate analysis you always do

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