USDJPY BREAKS KEY TECHNICAL SUPPORT
The US dollar has fallen below the key 111.80 support level against the Japanese yen, as the well-defined symmetrical triangle pattern broke to the downside. The USDJPY pair is likely to remain under heavy technical selling pressure while trading below the 111.80 level. The USDJPY pair will likely be impacted by the direction of US equity markets and the release of US Retail Sales data later today.
The USDJPY pair is strongly bearish while trading below the 111.80 level, key support is now found at the 111.40 and 111.10 levels.
If the USDJPY pair trades above the 111.80 level, buyers may test towards 112.00 and 112.55 resistance levels.