FX.co ★ Technical analysis on USDJPY for November 17th, 2023.

Blue line- horizontal support

Green line- support trend line (broken)

USDJPY is trading around 149.68. In our last analysis on USDJPY we warned traders that there are increased chances of a move lower. Price today broke below the green upward sloping support trend line providing a new sign of weakness. USDJPY has started a sequence of lower lows and lower highs in the 4 hour chart. Price today tested the horizontal support and previous low at 149.21. USDJPY has not broken the sequence of higher highs and higher lows yet. Recent price action suggests that it will break below 149.20 soon. This is still the most probable scenario. This is our primary scenario as we believe that the entire upward move in USDJPY is over and soon a corrective pull back will be under way.