OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/JPY Price Analysis: Rising wedge breakdown targets 109.55 level

  • USD/JPY is breaking down from a rising wedge pattern. 
  • The market can decline to the 109.55 level. 
 

USD/JPY daily chart


USD/JPY is consolidating after the January spike near the 110.00 figure above the main simple moving averages (SMAs). The spot is easing from its highest since mid-May 2019. 

USD/JPY four-hour chart

 
USD/JPY is trading in a rising wedge formation while trading above the 100/200 SMAs. Bears are challenging the 109.85 support while below the 50 SMA. The sellers could drive the market down to the 109.55 level, according to the Technical Confluences Indicator. Resistance is seen at the 110.05 level. 
 
 

Additional key levels

 

President of the European Commission, Leyen: Good first meeting with US President Trump

Ursula Gertrud von der Leyen, a German politician and the President of the European Commission since 1 December 2019 has just tweeted that she had a g
Read more Previous

First US case of Wuhan Coronavirus this afternoon - CNN

CNN reports that the US Centers for Disease Control and Prevention is expected to announce this afternoon that the first case of Wuhan coronavirus has
Read more Next
Start livechat