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Technical analysis

Japanese Yen Drops Farther Below 112.00

OctaFx | Oct. 15, 2018
Japanese Yen Drops Farther Below 112.00

The Japanese yen was now seen weakening farther below the 112.00 handle and dropped to near one-month low in the last hour. The following USDJPY prediction explains what traders can expect next.

15 October, OctaFX – The US dollar continues to trade towards the 112.00 level against the Japanese yen currency, as financial markets start the new trading week in risk-off mode.

USDJPY Prediction

The USDJPY pair is currently consolidating inside a symmetrical triangle pattern, with a clear break below the 111.80 support level likely to signal further losses. Buyers need to move price above the 112.55 resistance level to regain intraday bullish momentum.

  • The USDJPY pair is strongly bearish while trading below the 112.55 level, key support found at the 111.80 and 111.10 levels.
  • If the USDJPY pair trades above the 112.55 level, buyers are likely to test towards 112.80 and 113.40 resistance levels.

Disclaimer

This article was provided by OctaFX. It should NOT 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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.