USDJPY WATCHING LARGE HEAD AND SHOULDERS PATTERN
The US dollar continues to correct lower against the Japanese yen currency, as buyers fail to regain short-term control of the USDJPY pair. A bearish head and shoulders pattern is emerging across the lower time frames, with a two-hundred pip downside projection. Sellers will attempt to break the 112.55 support level, while intraday buyers need to move price above the 113.40 resistance level.
The USDJPY pair is intraday bearish while trading below the 113.40 level, key support found at the 112.78 and 112.55 levels.
If the USDJPY pair moves above the 113.40 level, buyers will likely test towards 113.80 and 114.06 resistance levels.