Mon, Jun 21, 2021 @ 22:43 GMT

USDJPY Final Shoulder

The US dollar has pulled back from the 109.80 level against the Japanese yen currency as the greenback starts to give back Wednesday’s strong gains. The four-hour time frame shows that the latest move higher could have completed the structure of a head and shoulders pattern, as the final right-hand is formed. Weakness under the 109.20 level is now needed to increase technical selling pressure towards the USDJPY pair.

The USDJPY pair is only bullish while trading above the 109.20 level, key resistance is found at the 109.80 and 110.00 levels.

The USDJPY pair is only bearish while trading below the 109.20 level, key support is found at the 108.95 and 108.45 levels.

OctaFXhttp://www.octafx.com/?refid=871837
Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client's needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions.

Featured Analysis

Learn Forex Trading