USDJPY SELLERS RETAIN CONTROL 108.98 LEVEL
The U.S dollar remains under heavy selling pressure against the Japanese yen currency, as the Nikkei225 and broader equity markets suffer triple-digit intraday losses. Risk-on sentiment remains weak on Tuesday, limiting USDJPY upside, as financial markets fear a swift is underway, with investors rotating away stocks and into higher yielding bonds. Price-actions now sits close to the 108.50 level, as traders await a key-note speech from President Trump and key Industrial Production figures from the Japanese economy.
The USDJPY pair is heavily bearish while trading below the 108.98 level, further losses towards the 108.13 and 107.32 remain likely.
Should the USDJPY pair start to move above the 108.98 level, an upside correction towards 109.59 and 110.18 may ensue.