USDJPY 104.60 possible

The US dollar is moving closer to breaking down below the 105.00 level against the Japanese yen currency, as risk-off trading sentiment dominates market sentiment. A sustained move below the 105.00 level is likely to trigger further losses towards the 104.60 level. Overall, the technical situation is worsening for the USDJPY pair, which could force a much lower trading range.

• The USDJPY pair is heavily bearish while trading below the 105.00 level, key support is found at the 104.60 and 103.80 levels.

• The USDJPY pair is only bullish while trading below the 106.30 level, key technical resistance is found at the 106.60 and 107.00 levels