USD/JPY Outlook (26 November 2019)

Overall, USD/JPY is ranging across. Recently, USD/JPY trended higher due to U.S.-China trade war optimism. Source from Chinese experts close to the government said that both countries are getting closer to agreeing on a phase one trade agreement despite the recent reports that both sides are struggling to reach a trade deal.
The Bank of Japan (BoJ) core CPI y/y data released was worse than forecasted (Actual: 0.3%, Forecast: 0.4%, Previous: 0.3%).
Currently, USD/JPY is testing the key level of 109. Its next support level is at 108.000 and the next resistance level is at 109.400.
Look for buying opportunities of USD/JPY once it breaks above the key level of 109.