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.
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.
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