Bearish Outlook on USDJPY: 16th November 2022

16 בנוב׳ 2022

On the daily time frame, prices are holding below a key resistance zone at 141.500 where we could see further downside in prices to the downside confirmation at 137.000, which coincides with the 1.414 Fibonacci extension level. A breakthrough of this zone could provide the bearish acceleration to the support target at 131.000 which coincides with the 100% Fibonacci retracement level. Prices are holding below the ichimoku cloud as well, supporting the bearish bias.