- USD/JPY has created a bear flag or an inverted flag on a 15-minute chart. A downside break would allow a drop to 109.11 (pair will mimic the pole height after breakdown).
- The bear flag breakdown could end up in a head-and-shoulders breakdown. The neckline support is seen at 109.47.
- Also, the downtrend line is intact, signaling the bears are in control.
15-minute chart
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Spot Rate: 109.77
Daily High: 109.85
Daily Low: 109.61
Trend: Bearish below 109.68 (flag breakdown)
R1: 109.84 (100-hour moving average)
R2: 109.96 (50-hour moving average)
R3: 110.27 (weekly high)
Support
S1: 109.68 (flag support)
S2: 109.47 (head-and-shoulders neckline)
S3: 109.39 (200-hour moving average)
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