The USDJPY pair currently trades within a well-defined bear flag pattern which extends from 110.65 to the 111.25 level. What next should traders expect? Find out in the following 17 August USDJPY Technical Outlook.
17 August, OctaFX – The US dollar continues to struggle for direction against the Japanese yen on Friday, as financial markets calm after recent fears about the Turkish economy.
The USDJPY pair currently trades within a well-defined bear flag pattern which extends from 110.65 to the 111.25 level. Traders should also note that price is also trading inside much larger bearish head and shoulders pattern.
17 August USDJPY Technical Outlook
- The USDJPY pair is only bearish while trading below the 110.65 level, key support is now found at the 110.10 and 109.56 levels.
- If the USDJPY pair trades above the 111.25 level, buyers are likely to test towards the 111.37 and 111.80 resistance levels.
This article about 17 August USDJPY Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.