The Japanese yen is rising against the US dollar after a government report found increased household spending. Mean while, USDJPY is under bearish pressure. What can traders expect next?
7 September, OctaFX – The US dollar has fallen below the 110.90 level against the Japanese yen currency, as falling equity prices are forcing investors into safe haven asset classes.
USDJPY Under Bearish Pressure
The intraday sentiment towards the USDJPY pair is bearish while trading below the 110.90 level, caution is still warranted as the USDJPY pair has recently been unable to find a trending directional.
- The USDJPY pair is bearish while trading below the 110.90 level, key support is now found at the 110.10 and 109.65 levels.
- If the USDJPY pair moves above the 110.90 level, a correction towards the 111.10 and 111.39 levels cannot be ruled out.
This article about USDJPY Under Bearish Pressure was provided by OctaFX. It should 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.