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.