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 Daily Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.