The Japanese yen strengthened against the USD in overnight trading following the Fed’s interest rates decision. It was also supported by better-than-expected data from Japan.
January 31, OctaFX – The US dollar is under selling pressure against the Japanese yen currency on Thursday after sellers moved price below the important 109.14 level.
The USDJPY pair has now broken below the neckline of a bearish head and shoulders pattern with a one-hundred point downside projection. The 108.10 support level is a key technical area to watch if the decline in the pair continues.
USDJPY Technical Outlook
- The USDJPY pair is bearish while trading below the 109.14 level, key technical support is found at the 108.45 and 108.10 levels.
- If the USDJPY pair moves above the 109.14 level, buyers may test towards the 109.45 and 110.00 resistance levels.
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