USD/JPY Technical Analysis: Bear flag breakdown on 15-min chart

The bear flag breakdown in the USD/JPY 15-min chart indicates the sell-off from the July 3 high of 111.12 has resumed and could yield a drop to 109.86.
Interestingly, the 50-day moving average (MA) is located at 109.93.

Omkar Godbole FXStreet Contributor

15-min chart

Spot Rate: 110.38

Daily High: 110.62

Daily Low: 110.30

Trend: Bearish

Resistance

R1: 110.60 (5-day moving average)

R2: 110.90 (June 15 high)

R3: 111.13 (July 3 high)

Support

S1: 110.15 (200-day moving average)

S2: 109.92 (50-day moving average)

S3: 109.37 (June 26, June 25 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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