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USDJPY analysis - Pair starts new month under bearish pressure

OctaFx | Jun. 3, 2019
USDJPY analysis - Pair starts new month under bearish pressure

3 June 2019, OctaFX – The US dollar starts the new trading month under heavy downside pressure against the Japanese yen following the bearish breakout below the 109.00 level.

USDJPY technical analysis

Further losses in the USDJPY pair still appear possible as the bearish head and shoulders pattern has a target of 107.40 level. The United States ISM report later today is likely to have a big impact on the direction of the US dollar.

  • The USDJPY pair is heavily bearish while trading below the 108.70 level, key support is found at the 108.00 and 107.70 levels.

  • If the USDJPY pair trades above the 108.70 level, key technical resistance is found at the 109.00 and 109.30 levels.

USDJPY analysis, USDJPY technical 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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