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.