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Technical analysis

USDJPY Under Bearish Pressure

OctaFx | Dec. 14, 2018
USDJPY Under Bearish Pressure

On Monday, the USDJPY pair started moving up from a low of 112.22 and reached a high of 113.70 yesterday. Earlier today, the pair dropped after mixed data from Japan.

December 14, OctaFX – The US dollar is reversing earlier gains against the Japanese yen currency after technical failure before the important November swing-high.

USDJPY Technical Outlook

The USDJPY has fallen outside of a well-defined rising wedge pattern on the one-hour timeframe, putting further bearish pressure on the pair. If price continues to trade lower, we may see the formation of a bearish head and shoulders pattern.

  • The USDJPY pair is intraday while trading below the 113.50 level, key support is found at the 112.90 and 112.50 levels.
  • If the USDJPY pair trades below the 113.50 level, key resistance is found at the 113.80 and 114.00 levels.

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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.