USDJPY TRADERS AWAIT KEY RANGE BREAK

The US dollar remains trapped in a well-established trading range against the Japanese yen, as traders seek a breakout from the 110.25 to 110.80 levels. Despite a strong decline in the value of the US dollar index the USDJPY pair is neutral and has failed to follow the greenback lower. Bulls seek a break above the 110.80 level, while sellers will look to hold price below the 110.25 support level.

• The USDJPY pair is only bullish while trading above the 110.80 level, further upside towards the 111.00 and 111.40 levels seems possible.

• If the USDJPY pair moves below the 110.25 level, sellers will likely test towards the 110.00 and 109.54 support levels.