USDJPY BEARISH PATTERN FORMING
The US dollar has tumbled to a fresh weekly low against the Japanese yen, following a sharp move lower in US equity markets. The USDJPY pair has formed a large head and shoulders pattern, with the neckline located at the 112.20 support region. The next directional move in the USDJPY pair will likely come after the release of the US Nonfarm Payrolls job report for the month of November.
The USDJPY pair is strongly bearish while trading below the 112.57 level, key support is found at the 112.20 and 111.50 levels.
If the USDJPY pair moves above the 113.00 level, key resistance is then found at the 113.20 and 113.90 levels.