USDJPY back under downside pressure
The US dollar is once again back under downside pressure against the Japanese yen, as safe-haven currencies remain in strong demand. The USDJPY has now erased Thursday’s gains and is likely to trade lower while price holds below the 110.80 level. The MACD indicator on the daily time frame is also showing that the USDJPY pair is likely to continue to trend lower.
The USDJPY pair is intraday bearish while trading below the 110.80 level, key technical support is found at the 110.26 and 109.76 levels.
If USDJPY pair trades above the 110.80 level, buyers may test towards the 111.35 and 111.75 levels.