HomeContributorsTechnical AnalysisUSDJPY: Bearish, Faces Further Weakness

USDJPY: Bearish, Faces Further Weakness

USDJPY: The pair continues to hold on to its downside pressure weakening further on Friday. On the downside, support comes in at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 111.50 level. Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 112.50 level with a turn above here aiming at the 113.00 level. On the whole, USDJPY looks to pullback further in the days ahead.

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FXAssurehttps://www.fxassure.com/
Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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