Conclusion for today’s USDJPY technical analysis:
A break below 104.84 price level is bearish for the USDJPY.
The Daily timeframe chart is examined in today’s USDJPY analysis with over 2 years of data presented.
A bearish trendline is drawn on the chart helping to indicate the bearish sentiment in the USDJPY for over 2 years and 10 months since January 03, 2019. Also drawn on the chart is support level at ~104.84 which has been tested twice in the past and most recently on the 23rd of August 2019.
The bullish swing in price since testing support on August 23, 2019 met with resistance at the 200 Day moving average of the USDJPY. Additional evidence of resistance is also provided by price between 109.827 and 109.174 where a change in polarity is present (i.e. former support turning into resistance).
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The long term bearish trendline and support level at 104.844 combined together can also be thought of as a descending triangle chart pattern (ideally bearish).The chart pattern in this case will be confirmed on a close below the lower boundary at 104.844. In such a scenario, the USDJPY can be expected to sell off for weeks, if not months.
Price closing above the 200 moving average on the other hand argues against any bearish bias and a close above 109.827 provides added bullish sentiment in the USDJPY.
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