USDJPY back to major support
The US dollar has moved back towards major weekly support against the Japanese yen currency after a brief correction back to the 111.00 level. A sustained move below the 110.40 support level should signal the next bear move towards the 109.80 level. Bulls need to move price above the 111.20 resistance level to negate the strong bearish sentiment surrounding the USDJPY pair.
The USDJPY pair is heavily bearish while trading below the 110.40 level, key support is found at the 109.80 and 109.50 levels.
If the USDJPY pair trades above the 111.00 level, buyers may test towards the 111.20 and 111.50 resistance levels.