USDJPY under pressure below 108.40
The US dollar is back under pressure against the Japanese yen currency, with price earlier falling back under the 108.00 level. Despite progress made in Sino-US trade talks, the lack of a concrete resolution to the ongoing dispute is underpinning intraday strength in the Japanese yen. The USDJPY pair is likely to remain under pressure while trading below the 108.40 level, which represents key resistance from the of start of the Ichimoku cloud.
The USDJPY pair is bearish while trading below the 108.40 level, key technical support is found at the 107.75 and 107.00 levels.
If the USDJPY pair trades above the 108.40 level, buyers may test towards the 108.80 and 109.10 resistance levels.