USD/JPY Technical Analysis: Risk of a bearish continuation

Dollar-Yen pairing spinning near the 111.00 handle as traders await a direction for overall market sentiment heading into the new week.
A lower swing high on last week's chart leaves the pair exposed to further downside as trade tensions remain piqued.
Friday's NFP report saw a bounce in the USD on stronger wages, and later this week will be seeing inflation figures from the US' CPI reading.

Joshua Gibson FXStreet

USD/JPY Chart, 1-Hour

Spot rate:	110.97
Relative change:	-0.04%
High:	111.08
Low:	110.85

Trend:	Sideways to bearish

Support 1:	110.85 (current day low)
Support 2:	110.38 (previous week low)
Support 3:	110.00 (major technical level)

Resistance 1:	111.11 (200-hour EMA)
Resistance 2:	111.24 (Friday swing high)
Resistance 3:	111.75 (previous week high)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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