USDJPY TO WEAKEN BELOW 110.87 SUPPORT LEVEL
The US dollar continues to drift-lower against the Japanese yen currency on Wednesday, as financial markets remain nervous about ongoing trade wars. The USDJPY is likely to weaken further if the 110.87 level is broken, as it represents the pairs 200-period moving average on the four-hour time frame. Sellers will likely target strong losses towards the 110.00 region, while buyers continue to aim for price stabilization back above the 111.39 level.
The USDJPY pair is strong bearish while trading below the 111.39 level, key support is found at the 110.87 and 110.70 levels.
If the USDJPY pair trades back above the 111.39 level, buyers may test back towards the 111.90 and 112.20 levels.