USDJPY Loses Key 107 Level

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By :  ,  Financial Analyst

USDJPY Loses Key 107.00 Level...

Finally, USD/JPY has closed below the key 107.00 level on a daily basis.

The Japanese yen shows its strength despite the Bank of Japan keeping interest rates at Negative territory and planning to buy UNLIMITED amount of Japanese government bonds.

On a Daily Chart, USD/JPY, below Both 20-day and 50-day moving average, is extending a  Bearish Pattern of Lower Highs.

It has broken below the lower boundary of a Triangle (Coil) confirming a Short-Term Bearish Reversal.

Trading below the Key Resistance at 109.35, USD/JPY would seek support at levels around 105.15.

Source: GAIN Capital, TradingView

On an Intraday (30-Minute) Chart, USD/JPY has shot below the lower Bollinger band -- Downward Acceleration is expected.

Downside support would only be found at 106.35 and 106.15. 

Source: GAIN Capital, TradingView

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