USDJPY 109.00 still key

The US dollar has remained under selling pressure against the greenback during the European trading session as safe-haven asset classes come back into favor with investors. The one-hour time frame is showing a bearish head and shoulders pattern with a downside target close to the 107.00 support level. Corrective upside moves for the USDJPY pair towards the 109.80 level still cannot be ruled out.

• The USDJPY pair is heavily bearish while trading below the 109.00 level, key support is found at the 108.40 and 107.70 levels.

• If the USDJPY pair trades above the 109.60 level, key technical resistance is found at the 109.80 and 110.00 levels.