USDJPY STRONGLY BEARISH BELOW 110.18 LEVEL
The U.S dollar has fallen sharply lower against the Japanese yen, dropping below the key 110.00 level in early Wednesday trading. The move lower was sparked by the latest round of selling in the greenback, with the U.S dollar index now trading below the key 90.00 level. The USDJPY pair has so far found support around the 109.80 level, with price-action still holding below the psychological 110.00 level, as we move into the start of European trading. Traders will likely look to Manufacturing data coming from the United States later today, and the 90.00 level on the U.S dollar index.
The USDJPY pair is strongly bearish while price-action trades below the 110.18 level, further selling towards 109.80 and 109.50 appears likely.
Should USDJPY buyers manage to push the pair above the 110.18 level, the 110.33 and 110.58 levels will then come into focus.