11/8 Tokyo USD/JPY market key points
＜11/8 Tokyo Dollar-Yen＞ (as of 8:30)
On 11/5, New York couldn't hold the 113.50-65 zone as long-term yields dropped, and the price fell to the low point around 113.35-40.
On 11/8 in Tokyo, we see the pattern as a “bottom test” and subsequent buying back.
(1) Bottom zone 113.25-40 acts as the bottom, with a buyback pushing to the monthly low point of 113.60-65 and ending with little movement.
(2) Buybacks from the bottom break above the monthly low point 113.60-65, achieving an upside test in the today’s upper zone of 113.90-114.00.
(3) Buybacks from the bottom lead, but a wall forms at 113.50-65, and finally the price breaks below the “bottom zone” 113.25-40. In terms of investment, this setup suggests a potential downside move to around 112.55-60.
＜11/8 Tokyo Analysis Diagram＞
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