USDJPY 110.80 support level remains key
The US dollar continues to trade around the 111.00 level against the Japanese yen currency, amidst elevated risk-off trading sentiment in financial markets. Despite technical indicators remaining oversold, the USDJPY pair has failed to stage a meaningful technical correction higher. Buyers will need to defend the 110.80 support level or risk deeper losses towards the 110.10 level.
The USDJPY pair is strongly bearish while trading below the 111.30 level, key technical support is found at the 110.80 and 110.10 levels.
If USDJPY pair trades above the 111.30 level, buyers may test towards the 111.80 and 112.60 levels.