USDJPY testing key pivot
The US dollar has reversed sharply lower against the Japanese yen currency after recent news reports from Sino-US trade talks revealed that both sides are still far from reaching a deal. The USDJPY pair is now testing the pivotal 110.40 level with bearish momentum likely to increase below this area. Any strong bounce from this area will likely target the 111.10 level, while sellers will continue to aim towards the 110.00 support level.
The USDJPY pair is only bullish while trading above the 110.40 level, key technical resistance is found at the 110.80 and 111.10 levels.
If the USDJPY pair moves below the 110.40 level, sellers may test towards the 110.00 and 109.80 support levels.