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.

• 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.

• If the USDJPY pair trades above the 109.14 level, buyers may test towards the 109.45 and 110.00 resistance levels.