FX.co ★ USD/JPY analysis for January 02, 2019 - Broken bearish flag on the 4H time-frame, watch for selling opporutnities

USD/JPY has been trading downwards in the recent few days. I found that that JPY is heading to test the important multi-pivot support at the price of 108.35.

I found the potential end of the upward correction (bear flag pattern), which is sign that selling opportunities are preferable. There is potential completion of the bigger ABC consolidation.

MACD oscillator did show increase on the downside momentum in the background and potential for the further downside.

Resistance level is seen at the price of 108.86 and 109.10

Support levels are set at the price of 108.50 and at the price of 108.35