Technical Analysis – USDJPY bullish but finds resistance at key 111.00 level
Posted on November 21, 2016 at 8:59 am GMTUSDJPY peaked above the key 111.00 level on Monday to reach a 5-month high of 111.17. The market has now almost recouped half of the losses made from a year ago. The market is nearing the 50% Fibonacci of the decline from 123.66 to 98.96. The area around the 50% Fibonacci level at 111.37 and the key psychological level of 111.00 is an important resistance zone which needs to be cleared in order to change the long-term market structure to [..]