USD/JPY analysis for September 05, 2018


Recently, the USD/JPY pair has been trading upwards. The price tested my key resistance sell zone at 111.70 (Fibonacci retracement 88.6%). I found completed a bearish bat pattern, which is a legit bearish opportunity. I also found a hidden bearish divergence on the RSI (14) oscillator, which is another sign of weakness. Watch for selling opportunities with the downward targets at the price of 111.19 and at the price of 110.85. Pattern will be invalid if the price breaks the level of 111.84.

The material has been provided by InstaForex Company -