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USD/JPY Price Analysis: Greenback under pressure vs. yen, challenging 109.46 level

  • USD/JPY is breaking down from a rising wedge formation. 
  • USD/JPY is set to decline to the 108.95 level. 

 

USD/JPY daily chart

 
USD/JPY is pulling back down after spiking above the 110.00 figure and the main simple moving averages (SMAs). The spot is also down from its highest point since mid-May 2019. 
 

USD/JPY four-hour chart

 
USD/JPY is breaking down from a rising wedge pattern while trading below the 50 SMA. Sellers are putting the 109.46 support under pressure. If the 109.46 level is taken out, the sellers could drive the market down to the 109.20 and 108.95 levels, according to the Technical Confluences Indicator. Resistances are seen at the 109.80 and 110.00 levels. 
 

Additional key levels

 

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