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Technical analysis

Japanese Yen Strengthens Against US Dollar

OctaFx | Jan. 31, 2019
Japanese Yen Strengthens Against US Dollar

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.

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.