USDJPY TRADES INSIDE BEARISH FLAG PATTERN
The US dollar continues to struggle for direction against the Japanese yen on Friday, as financial markets calm after recent fears about the Turkish economy. The USDJPY pair currently trades within a well-defined bear flag pattern which extends from 110.65 to the 111.25 level. Traders should also note that price is also trading inside much larger bearish head and shoulders pattern.
The USDJPY pair is only bearish while trading below the 110.65 level, key support is now found at the 110.10 and 109.56 levels.
If the USDJPY pair trades above the 111.25 level, buyers are likely to test towards the 111.37 and 111.80 resistance levels.