USDJPY correction underway
The US dollar is starting to come under downside pressure against the Japanese yen currency, following the release of weak GDP data from the Chinese economy earlier today. The USDJPY pair has a bearish intraday bias while trading below the 108.60 technical level. Sustained weakness below the 108.60 level could see the USDJPY pair falling towards the 107.90 support level.
The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is only bearish while trading below the 108.60 level, key technical support remains at the 107.90 and 106.90 levels