The US dollar continues to unravel against the Japanese yen currency, with the pair now on track for a fifth consecutive down day. The lower time frames are showing that a massive head and shoulders pattern has started to form, with a downside target of close to 250 pips. The bearish price pattern will be activated if USDJPY sellers can move the pair under the 108.45 level.
The USDJPY pair is only bullish while trading above the 109.00 level, key resistance is found at the 109.40 and 109.90 levels.
The USDJPY pair is only bearish while trading below the 109.00 level, key support is found at the 108.45 and 107.50 levels.
