FX168 Financial News (Hong Kong) - At noon in Asia on Tuesday (November 20), the dollar/yen hovered around 112.60. Recently, the exchange rate has fluctuated all the way down, falling all the way since the high of 114.08 on November 9, further extending the decline to the low of 112.38 within the day, and now rebounding slightly from the low.
The latest article by FXStreet analyst Omkar Godpole made a brief technical analysis and forecast on the trend of the dollar/yen. The main contents of his opinions are as follows:
At present, the dollar/yen is near 112.60, which has been locked at the low of 112.38.
The 1-hour and 4-hour charts both show that the relative strength index (RSI) has seen a bullish deviation, and it is worth noting that the bullish deviation of RSI has appeared near the 112.47 key support level, which is the 61.8% Fibonacci retracement of the rise in the exchange rate from 111.38 to 114.23.
In view of this, the USD/JPY is expected to rise next, revisiting the 50 day moving average of 112.86.
In the broader perspective, the dollar/yen remained bearish, as the exchange rate trading was far below the downward 10 day moving average of 113.42.
Current price: 112.59
Daily height: 112.66
Daily low: 112.38
20 day moving average: 113.07
50 day moving average: 112.84
100 day moving average: 112.05
200 day moving average: 110.16
Support position:
one hundred and twelve point three four
one hundred and twelve point one four
one hundred and eleven point eight seven
Resistance level:
one hundred and twelve point eight two
one hundred and thirteen point zero nine
one hundred and thirteen point two nine
(30 minutes of USD/JPY source: FX168 Financial Network)
At 11:20 Beijing time, the dollar/yen was 112.59/60.
Checked by: TIER
