USDJPY LOWER AFTER BREAKING KEY SUPPORT
The U.S dollar has tumbled lower against the Japanese yen, hitting, as falling equity markets prompted traders to move into the perceived safety of the yen currency. The USDJPY pair currently trades around the 109.00 level, after crashing below the 109.50 support level on Thursday, as U.S stock price tumbled. Traders look towards the European stock market reaction and the 109.00 level for directional guidance, ahead of today’s Non-farm Payrolls job report.
The USDJPY pair is now bearish while trading below the 109.50 level, support is now found at the 108.49 and 107.92 levels.
If the USDJPY pair starts to trade back above the key 109.50 level, buyers may test towards the 110.03 and 110.40 levels.