The US dollar is under increasing downside pressure against the Japanese yen currency following yesterday’s FOMC interest rate decision. A bearish triple-top pattern formation is present, while price has also convincingly broken outside of the rising price channel on the four-hour time frame. The 110.40 and 109.80 levels offer bearish weekly targets while the USDJPY pair trades below the 110.80 level.
The USDJPY pair is bearish while trading below the 110.80 level, key support is found at the 110.40 and 109.80 levels.
If the USDJPY pair trades above the 110.80 level, buyers may test towards the 111.20 and 111.50 resistance levels.
