USDJPY BEARISH PRESSURE BUILDING BELOW 106.00
The U.S dollar is turning lower against the Japanese yen currency on Monday, with political uncertainty remaining the driving force behind the latest move lower. Prime Minister Shinzo Abe faces the worst crisis of his leadership, whilst the Trump administration remains at odds with the Federal Bureau of Investigations. The start of the G20 summit is also likely to underpin risk-off trading sentiment, with technical sellers watching the 105.50 level closely on the USDJPY pair.
- The USDJPY pair is strongly bearish while trading below the 106.00 level, sellers continue to press towards the 105.50 and 105.22 support regions.
- If USDJPY pair price-action can hold above the 106.00 level, and upside correction towards the 106.23 and 106.45 levels may occur.