USDJPY analysis – Pair bearish below 108.23

18 July 2019, OctaFX – The US dollar is probing the downside against the Japanese yen currency after being strongly rejected from its key weekly pivot point.

USDJPY technical analysis

A sustained bearish breakdown below the 107.80 level is likely to see the USDJPY pair testing towards at least the 107.50 support level. The USDJPY pair also appears vulnerable to risk-off trading sentiment and a steep decline in global equity markets.

  • The USDJPY pair is bearish while trading below the 108.23 level, sellers may test back towards the 107.50 and 107.10 levels.

  • The USDJPY pair is only bullish while trading above the 108.23 level, key technical resistance remains at the 108.45 and 108.60 levels.


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.

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