USDJPY STILL UNDER PRESSURE BELOW 109.00
The US dollar continues to trade to the downside against the Japanese yen currency, as investors flock to safe-haven currencies, which is helping to underpin yen demand. The USDJPY pair currently trades around the 108.60 level, with price earlier falling to a fresh monthly-low, hitting 108.11. Traders now look towards a slew of market moving economic data from the United States economy.
The USDJPY pair remains strongly bearish while trading below the 109.00 level, further losses towards 108.11 and 107.85 remain likely.
If USDJPY buyers move price back above 109.00 level, we may see a correction towards the 109.50 and 110.00 levels.