USDJPY LOWER AFTER FAILED ATTEMPT AT 110.00

The U.S dollar is starting to turn lower against the Japanese yen currency, after a second failed attempt at the psychological 110.00 level. The USDJPY pair currently trades around the 109.70 level, after creating a bearish double-top pattern just below the monthly-high, found at the 110.03 level. Traders now await the release of key U.S Consumer Price Index data, a measure of inflation the U.S FED watch closely.

• The USDJPY pair is only bullish while trading above the 109.50 level, further upside towards 110.03 and 110.40 still remains possible.

• If the USDJPY pair starts to trade below the 109.50 level, key support is found at the 109.39 and 109.00 levels.