USDJPY approaching 108.40
The US dollar is tumbling lower against the Japanese yen, as financial markets go into full risk-off trading move during the European session. A break under the 108.40 support level exposes further losses in the USDJPY pair towards the 107.50 and possibly the 106.00 level. At this stage, bulls need to anchor the USDJPY pair back above the 109.90 level to encourage technical buying.
The USDJPY pair is only bearish while trading below the 109.90 level, key support is found at the 107.50 and 106.00 levels.
The USDJPY pair is only bullish while trading above the 109.90 level, key resistance is found at the 110.70 and 111.50 levels.