USDJPY and AUDUSD Forecast November 29, 2017 USDJPY and AUDUSD Forecast November 29, 2017
This pair got kicked around a bit during the day on Tuesday, as the North Koreans launched a missile. However, technically speaking we are simply bouncing from the 50% Fibonacci retracement level, which is essentially the 111 level, and the previous support which should now be resistance near the 111.75 handle. Because of this, I think we still have a bit of downside possible, but I anticipate that a breakdown will probably find plenty of support near the 110 level, but possibly could go through there and continue the overall consolidation that we have seen over the last couple of years. If that’s the case, we could be looking at a bottom near the 108 level. Alternately, if we were to break above the 112 level, I could be convinced to start buying again.