USD/JPY Major Rejection In Play

Alexandros Yfantis • Jul 20, 2018 at 11:40 AM EDT

A weekly close below 112.20 is going to create a bearish reversal hammer candle pattern.

The USD/JPY is showing rejection signs at a major resistance level at 113. Not only price has been rejected and pulled back from the resistance area, the weekly candle that is being formed is a very bearish one that at least justifies more downside for USD/JPY over a couple of weeks.

(Click on image to enlarge)

A weekly close below 112.20 is going to create a bearish reversal hammer candle pattern. If this week is followed by a weak opening next week, we should expect a pullback at least towards 111.25-110 area to be seen over the coming sessions. Triangle support is at 105 and rising slowly. This is noted just in case we break below the weekly cloud at 109.

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