Forexrobots24

forex advisor developer

USD/JPY Technical Outlook is Shape-shifting

USD/JPY Technical Highlights:

  • USD/JPY wedge could morph into a bull-flag
  • Long-term support and resistance in view

Last week we were discussing the developing wedge formation in USD/JPY. That pattern didn’t really form a tight apex and is on the verge of getting busted, with the possibility now of a bull-flag taking form. There is major top-side resistance ahead around 11450 and significant support down around 11230/11190. If the bull-flag pattern fails to form then support could come into play, while on the flip-side if it develops and breaks then we could see a significant breakout develop.

USD/JPY 4-hr Chart

usd/jpy 4-hr chart

USD/JPY Daily Chart

usd/jpy daily chart

USD/JPY Charts by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX