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USDJPY analysis: Price is intraday bearish below 111.60

OctaFx | Apr. 30, 2019
USDJPY analysis: Price is intraday bearish below 111.60

April 30, OctaFX – In this USDJPY analysis, the US dollar is back under pressure against the Japanese yen currency on Tuesday after the pair found strong resistance from the 111.88 level.

USDJPY technical analysis

The sentiment towards the USDJPY pair is intraday bearish while price trades below the 111.60 technical level. If sellers can move price under the 111.40 level they will trigger a head and shoulders pattern with a downside projection of fifty points.

  • The USDJPY pair is bearish while trading below the 111.60, key intraday support is found at the 111.40 and 110.90 levels.

  • If the USDJPY pair trades above the 111.60 level, key intraday resistance remains at the 111.88 and 112.00 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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