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.