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Fundamental analysis

Japanese Yen Strengthens Against the US dollar

OctaFx | Oct. 11, 2018
Japanese Yen Strengthens Against the US dollar

OctaFX – The US dollar continues to tumble lower against the Japanese yen currency, as risk-off trading sentiment and the sell-off in global equity markets worsens.

USDJPY Strongly Bearish

The previously mentioned bearish head and shoulders pattern has been triggered, with the USDJPY pair now strongly bearish below the 112.55 level.

Sellers will likely attempt to break the 112.00 support level, while intraday buyers need to stabilize price above the 112.55 level. The pair will continue to decline ahead of important US inflation numbers.

  • The USDJPY pair is strongly bearish while trading below the 112.55 level, key support found at the 112.00 and 111.10 levels.
  • If the USDJPY pair holds above the 112.00 level, buyers will likely test towards 112.55 and 112.90 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.