USD/JPY’s daily chart shows a channel breakdown, a bearish pattern. The pair appears set to test November lows. USD/JPY is now trading in the red near 103.30, having faced rejection at 103.56 early Thursday. The 26-pip decline is in line with the bearish view put forward by the daily chart channel breakdown. The pair fell more than 0.20% on Wednesday, confirming a downside break of a sideways channel represented by trendlines connecting Nov. 18 and Dec. 3 lows and Nov. 24 and Dec. 2 highs. The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index and downward trending 5- and 10-day Simple Moving Averages (SMA). As such, the November low of 103.18 could soon come into play. A violation there would expose the March low of 101.18. A close above the 10-day SMA at 103.92. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Polkadot Price Prediction: DOT is getting ready to dump as technical levels flash red FX Street 2 years USD/JPY's daily chart shows a channel breakdown, a bearish pattern. The pair appears set to test November lows. USD/JPY is now trading in the red near 103.30, having faced rejection at 103.56 early Thursday. The 26-pip decline is in line with the bearish view put forward by the daily chart channel breakdown. The pair fell more than 0.20% on Wednesday, confirming a downside break of a sideways channel represented by trendlines connecting Nov. 18 and Dec. 3 lows and Nov. 24 and Dec. 2 highs. The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
