USD/JPY Outlook (7 November 2019)
2019-11-07 13:23:00
Overall, USD/JPY has been trending upwards. Recently, USD/JPY’s uptrend took a turn, breaking the key level of 109 downwards after news of a possible delay of the U.S.-China trade deal signing to December was released. A senior official of the Trump administration said that this delay is due to the existing discussions over trade terms and the venue for signing.
Look for selling opportunities of USD/JPY as market participants start buying in safe haven currencies such as yen.
USD/JPY next support level is at 108.200 and the next resistance level is at 110.500.