USDJPY nearing breakout support
The US dollar has slipped back towards the worst trading levels of the week against the Japanese yen currency due to recessionary fears coming from the US bond market. USDJPY bulls have also been unable to move price above the 109.60 level placing the emphasis back towards the downside. The four-hour time frame chart continues to highlight that a break below the 109.00 level will trigger heavy technical selling.
The USDJPY pair is heavily bearish while trading below the 109.60 level, key support is found at the 109.00 and 108.40 levels.
If the USDJPY pair trades above the 109.60 level, key intraday resistance remains at the 109.80 and 110.00 levels.