USDJPY STRONGLY BEARISH BELOW 105.24 LEVEL
The U.S dollar has moved sharply lower against the Japanese yen, after the Trump administration imposed sixty billion U.S dollars of tariffs on Chinese imports. The USDJPY pair has fallen to a new 2018 trading-low during today’s Asian session, hitting 104.60, as investors seek the perceived safety of the Japanese yen currency. Traders are increasingly watching the downside technical levels breakdown on risk-aversion, with the bearish head and shoulder pattern across the lower time-frame charts now playing-out.
The USDJPY pair is strongly bearish below the 105.24 level, further losses towards 103.90 and 103.00 seem increasingly possible.
Should the USDJPY pair move above the 105.24 level, a correction towards the 105.50 and 106.00 resistance levels may occur.