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.