Technical analysis of USD/JPY for August 9, 2018

The USD/JPY is trading inside a long-term triangle pattern formation. Price recently got rejected at the upper triangle boundary. The Stochastic oscillator suggests that another leg down should soon follow if it has not already started. The target range is between 103-105.

analytics5b6b5e103fb8f.png

Blue line - resistance trend line

Red line - support trend line

The USD/JPY got rejected at 113. Now trading below 111 again and if price breaks below the 110.50 recent low I expect an acceleration lower towards 109. Eventually, I give many chances for the bearish scenario for a move in the second half of 2018 towards 103-105. I'm bearish USD/JPY as long as the price is below 113.

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