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.