# USDJPY Short-Term Correction (Nov 28, 2016) Source: https://www.tradersway.com/resources/market-info/usdjpy-short-term-correction-nov-28-2016/ Language: en Updated: 2016-11-28 Description: Explore USDJPY Short-Term Correction (Nov 28, 2016). USDJPY is. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. USDJPY is trending higher on its 1-hour chart, moving above an ascending trend line connecting the latest lows of price action. Price is currently testing this support area, which lines up with the 61.8% Fibonacci retracement level and the 100 SMA dynamic inflection point. A bounce off this trend line and area of interest could spur a move back up to the swing high near the 114.00 handle. On the other hand, a break lower could lead to a test of the next area of interest at the 110.00 handle, which lines up with a former resistance and the 200 SMA. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. Stochastic is on the move down to show that bears are in control of price action but the oscillator is already dipping into the oversold zone to suggest that selling pressure is about to be exhausted. US traders are set to return from their Thanksgiving holiday and might be ready to provide a fresh boost for the Greenback. There are no US reports on the docket today, as the main event risks are the US preliminary GDP release on Tuesday and the non-farm payrolls report due on Friday. Fed rate hike expectations could continue to keep the dollar afloat in the coming weeks, unless economic data severely disappoints. Leading jobs indicators such as the ADP non-farm employment change and ISM manufacturing PMI release could provide clues on how the NFP report might turn out. ![USDJPY Short-Term Correction (Nov 28, 2016)] As for the yen, Japanese data came in line with expectations last Friday and showed a 0.4% fall in price levels for both Tokyo and the national level. Household spending, retail sales, and unemployment rate figures are lined up today and downbeat results could mean more yen weakness. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/usdjpy-short-term-correction-nov-28-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/usdjpy-short-term-correction-nov-28-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/usdjpy-short-term-correction-nov-28-2016/", "headline": "USDJPY Short-Term Correction (Nov 28, 2016)", "inLanguage": "en", "datePublished": "2016-11-28T09:10:26+00:00", "dateModified": "2016-11-28T09:10:26+00:00", "articleSection": "Market Info", "description": "Explore USDJPY Short-Term Correction (Nov 28, 2016). USDJPY is. 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