The US dollar is reversing earlier gains against the Japanese yen currency after technical failure before the important November swing-high. The USDJPY has fallen outside of a well-defined rising wedge pattern on the one-hour timeframe, putting further bearish pressure on the pair. If price continues to trade lower, we may see the formation of a bearish head and shoulders pattern.
The USDJPY pair is intraday while trading below the 113.50 level, key support is found at the 112.90 and 112.50 levels.
If the USDJPY pair trades below the 113.50 level, key resistance is found at the 113.80 and 114.00 levels.
