USDJPY HEAD AND SHOULDERS TRIGGERED
The US dollar continues to tumble lower against the Japanese yen currency, as risk-off trading sentiment and the sell-off in global equity markets worsens. The previously mentioned bearish head and shoulders pattern has been triggered, with the USDJPY pair now strongly bearish below the 112.55 level. Sellers will likely attempt to break the 112.00 support level, while intraday buyers need to stabilize price above the 112.55 level.
The USDJPY pair is strongly bearish while trading below the 112.55 level, key support found at the 112.00 and 111.10 levels.
If the USDJPY pair holds above the 112.00 level, buyers will likely test towards 112.55 and 112.90 resistance levels.