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Jan 31, 2019
USDJPY move lower gathering pace
The US dollar has continued to decline against the Japanese yen during the European trading session, with the risk-sensitive pair reaching its weakest trading level since mid-January. Overall, the move lower is gathering pace, following the earlier break below the neckline of a well-flagged head and shoulders pattern. The US dollar index is also under considerable pressure, further accelerating the bearish technical developments in the USDJPY pair.
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The USDJPY pair is bearish while trading below the 109.14 level, key technical support is found at the 108.45 and 108.10 levels.
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If the USDJPY pair trades above the 109.14 level, buyers may test towards the 109.45 and 110.00 resistance levels.