USDJPY triple top pattern forming
The US dollar has fallen to a fresh weekly trading low against the Japanese yen currency as the greenback comes under selling pressure ahead of the release of the FOMC meeting minutes. USDJPY sellers need to move price below the 110.90 support level in order to turn the weekly sentiment towards the pair bearish. Traders should note that a bearish triple top pattern formation is also creating technical selling pressure on the four-hour time frame.
If the USDJPY pair trades below the 110.90 level, sellers may test towards the 110.65 and 111.40 levels.
If bulls move price above the 111.30 level, buyers may test towards the 111.65 and 112.20 levels.