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Jan 28, 2019
USDJPY 109.14 key level to watch
The US dollar has broken to the downside against Japanese yen currency on Monday, as the risk-sensitive pair fell after a period of consolidation at elevated trading levels. A clear break below the 109.14 support level is likely to increase technical selling, which will also trigger a bearish head and shoulders pattern across the lower time frame charts. The MACD indicator on the four-hour time frame is also trending lower alongside price.
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The USDJPY pair is bearish while trading below the 109.14 level, key technical support is found at the 108.85 and 108.58 levels.
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If the USDJPY pair moves above the 109.60 level, buyers may test towards the 109.90 and 110.25 levels.