LeoPrime Daily Market Analysis

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USDJPY reversed from resistance area; Likely to fall to 103.500

USDJPY continues to fall after the earlier downward reversal from the resistance area located between the key resistance level 105.30 (top of the previous minor correction (b)), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous extended downward impulse wave from the middle of August. Given the clear daily downtrend and the intensifying bearish USD sentiment seen across the currency markets today, USDJPY is likely to fall further toward the next support level 103.50 (which reversed the price with the daily Morning Star at the start of November).

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