FOCUS REMAINS ON SAFE HAVEN BUYING- USDJPY

19. Nov. 2018As political risk looks to be taking the spotlight again with President Trump re-iterating his stance on China and the current trade tariffs we have seen a shift from risk on to risk off and the buying of safe haven currencies. USDJPY looks set to continue its current downside after breaking through the supporting trendline after failing to break above the 114.00 level. Looking for further downside here on our trading timeframe with a pullback to the current minor resistance with 61.8 Fibonacci confluence. For added confirmation we have the moving averages pointing down and will look for these to be re-tested before looking to short.