The US dollar has come under renewed downside pressure against the Japanese yen on Monday, following bearish comments surrounding Sino-US trade talks from President Trump. The USDJPY pair has a strong bearish intraday bias while trading below the 110.90 level and may target the 110.00 level. Traders should be aware that the large inverted head and shoulders pattern on the four-hour time frame still remains valid.
The USDJPY pair is heavily bearish while trading below the 110.90, key intraday support is found at the 110.40 and 110.00 levels. If the USDJPY pair trades above the 110.90 level, key intraday resistance remains at the 111.30 and 111.60 levels.
@Ronnie_Dong, my only thoughts are that the boundries are a mix of highs/lows and closes. A truer triangle would be all highs and lows or all closes. just a thought. good luck.