USDJPY – Can US Dollar Recover Above 110.00 Vs Japanese Yen?
• The US Dollar is under heavy selling pressure and trading below 110.00 against the Japanese Yen.
• There it a monster bearish trend line forming with resistance at 109.60 on the hourly chart of USDJPY.
USDJPY Technical Analysis
The US Dollar declined heavily recently and moved below the 110.20 and 110.00 support levels against the Japanese Yen. The USDJPY pair traded as low as 109.26 where it is finding support and currently attempting an upside break.
On the topside, there is a monster bearish trend line forming with resistance at 109.60 on the hourly chart. The trend line also coincides with the 23.6% Fib retracement level of the last decline from the 110.76 high to 109.26 low.
Above the trend line resistance at 109.60, the next hurdle is around the 21 hourly simple moving average at 110.00. It is also the 50% Fib retracement level of the last decline from the 110.76 high to 109.26 low. So, it won’t be easy for buyers to break the 110.00 resistance once there is a close above 109.60.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team