USDJPY TRIPLE TOP PATTERN IN FOCUS

The US dollar is reversing earlier gains against the Japanese yen currency, following a dovish speech from Federal Reserve Chair Jerome Powell on Wednesday. The USDJPY pair was rejected from key trendline resistance, at 114.02, creating a bearish triple-top pattern formation. A strong move below the 113.15 level may spark technical selling towards rising trendline support.

• The USDJPY pair is only bearish while trading below the 113.15 level, key support is found at the 112.60 and 112.28 levels.

• If the USDJPY pair holds above the 113.15 level, key technical resistance is found at the 113.60 and 113.79 levels.