USDJPY BEARISH BIAS INTACT BELOW 110.55

The US dollar is trading to the downside against the Japanese yen currency on Monday, following a broad-based correction lower in the value of the greenback. Traders should expect the recent weakness in the USD/JPY pair to continue while price trades below the 110.55 resistance level. A much larger bearish head and shoulders pattern may also be forming across the higher time frames.

• The USDJPY pair is bearish while trading below the 110.55 level, key support is found at the 110.10 and 109.00 levels.

• If the USDJPY pair trades above the 109.55 level, buyers are likely to test towards the 111.00 and 111.44 resistance levels.