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USDJPY analysis - pair heavily bearish below 110.00

USDJPY analysis - pair heavily bearish below 110.00

24 May 2019, OctaFX – The US dollar is now under heavy selling pressure against the Japanese yen, following much weaker than expected PMI manufacturing data from the United States economy.

USDJPY technical analysis

The USDJPY pair has a bearish intraday bias while trading below the 110.00 level and could soon target the 109.00 level. If the 109.00 level is broken the 108.40 level then offers the strongest form of weekly support.

  • The USDJPY pair is intraday bearish while trading below the 110.00 level, key support is found at the 109.00 and 108.40 levels.

  • If the USDJPY pair trades above the 110.00 level, key intraday resistance is found at the 110.30 and 110.60 levels.

USDJPY analysis

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.

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