USD/JPY dived out of the rising wedge pattern yesterday, signaling a resumption of the sell-off from the recent high of 112.14. The drop, however, was cut short at 111.11 and the pair recovered to 111.40, neutralizing the immediate bearish setup. In the last 12 hours, the pair has carved a lower high along 111.40 and is now trading at 111.20. A break below 111.11 would revive the bearish view put forward by the rising wedge breakdown, confirmed yesterday and would open the doors to 110.75 (low of the rising wedge). On the higher side, a convincing break above 110.47 is needed to confirm bullish revival. That looks unlikely though as the US 10-year treasury yield fell to over two-month lows yesterday. Further, at press time, the Asian equities are reporting losses. Hourly chart Trend: Bearish below 111.11 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 GBP/USD risk reversals hit 3-month low, signaling more pain for Sterling FX Street 4 years USD/JPY dived out of the rising wedge pattern yesterday, signaling a resumption of the sell-off from the recent high of 112.14. The drop, however, was cut short at 111.11 and the pair recovered to 111.40, neutralizing the immediate bearish setup. In the last 12 hours, the pair has carved a lower high along 111.40 and is now trading at 111.20. A break below 111.11 would revive the bearish view put forward by the rising wedge breakdown, confirmed yesterday and would open the doors to 110.75 (low of the rising wedge). On the higher side, a convincing break… 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.
