USDJPY testing neckline support
The US dollar continues to trade lower against Japanese yen currency on Tuesday, with the pair falling towards the key 109.00 support level. Price is now trading close to the neckline of a bearish head and shoulders pattern with a one-hundred point downside projection. The MACD histogram continues to track lower and has just moved into negative territory on the four-hour time frame.
The USDJPY pair is bearish while trading below the 109.14 level, key technical support is found at the 108.58 and 107.80 levels.
If the USDJPY pair moves above the 109.45 level, buyers may test towards the 109.60 and 110.00 levels.