USD/JPY Technical Analysis: Negative signals buildup

USD/JPY has created a bear flag or an inverted flag on a 15-minute chart. A downside break would allow a drop to 109.11 (pair will mimic the pole height after breakdown).
The bear flag breakdown could end up in a head-and-shoulders breakdown. The neckline support is seen at 109.47.
Also, the downtrend line is intact, signaling the bears are in control.

Omkar Godbole FXStreet Contributor

15-minute chart

Spot Rate: 109.77

Daily High: 109.85

Daily Low: 109.61

Trend: Bearish below 109.68 (flag breakdown)

Resistance

R1: 109.84 (100-hour moving average)

R2: 109.96 (50-hour moving average)

R3: 110.27 (weekly high)

Support

S1: 109.68 (flag support)

S2: 109.47 (head-and-shoulders neckline)

S3: 109.39 (200-hour moving average)

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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