USDJPY FURTHER BEARISH BELOW 110.80 LEVEL
The U.S dollar has erased intraday gains against the Japanese Yen during the European trading session, with the pair slipping back towards the 110.60 technical level. The USDJPY pair has looked past the current intraday rally in the U.S dollar index, with sellers using this morning’s bounce towards the 110.90 level as a selling opportunity. With a lack of market moving macro-economic data coming from the United States later today, USDJPY traders will likely focus on the value of the U.S dollar index and U.S bond yields.
The USDJPY pair remains bearish while price-action trades below the 110.80 level, further losses towards the 110.33 and 109.80 levels seem likely.
Should the USDJPY pair start to move above the 110.80 level for a sustained period, buyers may push price-action towards the 111.22 and 111.45 resistance levels.