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Forex

USDJPY price nosedives from 110.00 after recent rally

OctaFx | May. 17, 2019
USDJPY price nosedives from 110.00 after recent rally

17 May 2019, OctaFX – The US dollar is once turning lower against the Japanese yen currency after the recent rally in the pair found strong resistance from the 110.00 level.

USDJPY technical analysis

If sellers can move price back under the 109.66 level technical selling in the USDJPY pair is likely to increase. Technical indicators on the four-hour time frame have now corrected back to neutral and are ready for the next directional move.

  • USDJPY price is only bearish while trading below the 109.66 level, key support is found at the 109.00 and 108.40 levels.

  • If the USDJPY pair holds above the 109.66 level, key intraday resistance is found at the 110.00 and 110.20 levels.

USDJPY price, 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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