USD/JPY’s 4-hour chart shows head-and-shoulders breakdown. The breakdown has opened the doors for sub-108.00 levels. USD/JPY is operating on slippery grounds, courtesy of Brexit-led risk aversion in the equity markets. The pair is currently trading at 108.30, representing a 0.16% loss on the day. The pair may end with a much bigger daily loss, as the 4-hour chart is reporting a head-and-shoulders breakdown. That pattern represents a transition from the bullish to bearish market and suggests scope for a drop to 107.86 (target as per the measured move method). The breakdown is also supported by a below-50 reading on the relative strength index (RSI). The bearish view would be invalidated if the spot finds acceptance above the neckline resistance (former support) at 108.40. 4-hour 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 Asian stocks: Trade/Brexit headlines weigh on market sentiment FX Street 3 years USD/JPY's 4-hour chart shows head-and-shoulders breakdown. The breakdown has opened the doors for sub-108.00 levels. USD/JPY is operating on slippery grounds, courtesy of Brexit-led risk aversion in the equity markets. The pair is currently trading at 108.30, representing a 0.16% loss on the day. The pair may end with a much bigger daily loss, as the 4-hour chart is reporting a head-and-shoulders breakdown. That pattern represents a transition from the bullish to bearish market and suggests scope for a drop to 107.86 (target as per the measured move method). The breakdown is also supported… 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.
