- USD/JPY is breaking down from a rising wedge pattern.
- The market can decline to the 109.55 level.
USD/JPY daily chart
USD/JPY is consolidating after the January spike near the 110.00 figure above the main simple moving averages (SMAs). The spot is easing from its highest since mid-May 2019.
USD/JPY four-hour chart
USD/JPY is trading in a rising wedge formation while trading above the 100/200 SMAs. Bears are challenging the 109.85 support while below the 50 SMA. The sellers could drive the market down to the 109.55 level, according to the Technical Confluences Indicator. Resistance is seen at the 110.05 level.
Additional key levels