Support & Resistance

USD/JPY analysis for November 01, 2022 – Breakout of the rising wedge pattern in the background

Technical
analysis:

analytics6360dc1a4c07b.jpg

USD/JPY
has been trading downside
and I found the breakout of the rising wedge in the background, which
is sign that sellers are in control and that we might see further
drop.

Trading
recommendation:

Due
to the breakout
of the rising wedge pattern in the background, IO see potential for
the further drop.

Watch
for the potential selling
opportunities on the intraday rallies with the downside objective at
the price of 145.20.

MACD
oscillator is showing fresh
downside momentum, which is sign that sellers are taking control over
buyers.

Key
resistance
is set at the price of 148.85

The material has been provided by InstaForex Company – www.instaforex.com


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