USD/JPY Price Analysis: Rising wedge breakdown targets 109.55 level

 

USD/JPY is consolidating after the January spike near the 110.00 figure above the main simple moving averages (SMAs). The spot is easing from its highest since mid-May 2019. 

 

USD/JPY is trading in a rising wedge formation while trading above the 100/200 SMAs. Bears are challenging the 109.85 support while below the 50 SMA. The sellers could drive the market down to the 109.55 level, according to the Technical Confluences Indicator. Resistance is seen at the 110.05 level.