The USJPY pair is quickly reversing recent gains as strength in the Japanese yen currency is even outpacing the US dollar this week. A bearish head and shoulders pattern has been activated on the four-hour time frame after a break under the 110.40 level took place. The pattern is warning that a coming drop towards the 109.70 level could be about to take place in the USDJPY pair, at a minimum.
The USDJPY pair is only bullish while trading above the 110.40 level, key resistance is found at the 110.65 and 110.90 levels.
The USDJPY pair is only bearish while trading below the 110.40 level, key support is found at the 109.70 and 109.30 levels.
