USDJPY INTRADAY BEARISH BELOW 105.50 LEVEL

The USDJPY pair continues to consolidate at depressed levels, as risk-off trading sentiment underpins strength in the Japanese yen currency. Price-action is currently trading around the key 105.50 level, after hitting 105.24 on Friday, following U.S President Donald Trump’s promise to impose trade Tariffs sparked fears of a potential Trade War. Asian stock markets have suffered heavy losses in early Monday trading, putting further downside pressure on the risk-sensitive USDJPY currency pair.

• The USDJPY pair retains a strong bearish bias below the 105.50 level, further downside towards the 105.24 and 104.90 levels appears possible.
• Should the USDJPY pair move above the 105.50 level today, buyers may try to test towards the 105.90 and 106.18 resistance levels.