USDJPY triple top pattern forming

The US dollar is starting to come under technical selling pressure against the Japanese yen currency, with the risk-sensitive pair declining towards the 111.25 level. The four-hour time frame shows that a bearish triple-top price pattern is starting to form. If sellers can move price under the current weekly trading low, further losses towards the 110.90 support level appear likely.

• If the USDJPY pair falls below the 111.25 level, key technical support is located at the 110.90 and 110.40 level.

• If the USDJPY pair trades above the 111.60 level, buyers may test towards the 112.00 and 112.20 levels.