USDJPY STILL STRUGGLING BELOW 110.80 LEVEL
The U.S dollar remains under selling pressure against the Japanese yen currency, as buyers again struggle to make upside traction above the 110.80 level. Price-action on the USDJPY pair currently trades around the 110.70 region, after selling-off sharply on Tuesday, alongside U.S equity markets. From a technical perspective the pair remains bearish in medium-term, with price-action putting in a series of lower daily price-lows, and lower daily price-highs.
Intraday USDJPY sellers control the pair while price trades below the 110.80 level, further losses towards the 110.33 and 109.80 are still expected.
Should the USDJPY pair start to move above the 110.80 technical level, upside towards the 111.22 and 111.45 levels remains possible.