USDJPY heavily bearish

US dollar has turned heavily bearish against the Japanese yen currency, following a break under the technically important 109.00 support level. Risk-off trading sentiment is also worsening today, due to the spread of the coronavirus in China. The USDJPY pair is now vulnerable to a sharp decline towards the 108.40 level while trading below the key 109.00 support level.

• The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.00 and 108.40 levels. 

• The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.20 and 111.00 levels.