Search ForexCrunch
  • USD/JPY is starting the week trading sharply down after a large bullish breakout last week.
  • The correction down is extending below the 111.00 level.
 

USD/JPY daily chart

 
USD/JPY is trading in an ascending channel while trading above the main daily simple moving averages (SMAs). The market is correcting down after two consecutive days of above-average intraday rallies.
 

USD/JPY four-hour chart

 
Dollar/Yen is correcting down sharply after a very volatile last week. The spot is challenging the 110.65 support and a break below it could lead to further losses to the 110.35 and 109.80 levels. Resistance can be found near the 111.65 level, according to the Technical Confluences Indicator.    
 
 
 
Resistance: 111.65, 112.00, 112.46
Support: 110.65, 110.35, 109.80
 
 

Additional key levels

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.