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5 December 2018

Forex Technical analysis

USDJPY Strongly Bearish Below $112.90

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December 5, OctaFX – The US dollar continues to trade below the 113.00 level against the Japanese yen, with the risk-sensitive pair earlier tumbling to a two-week trading low.

Buyers need to move price above the 113.15 resistance level to negate short-term bearish pressures. A clear breach of the 112.30 support level exposes the USDJPY pair to further heavy technical selling towards the October trading low.

USDJPY technical outlook

  • The USDJPY pair is strongly bearish while trading below the 112.90 level, key support is found at the 112.30 and 111.50 levels.
  • If the USDJPY pair moves above the 112.90 level, further upside towards the 113.15 and 113.80 levels remains possible.

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.

USDJPY Technical Outlook US dollar Japanese Yen
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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