USDJPY losing momentum
The US dollar is starting to lose upside momentum against the Japanese yen currency after the pair found strong resistance from the 109.00 level. A sustained loss of the 108.90 level could see the USDJPY pair quickly falling to trendline support around the 107.60 level. Traders should also note that a bearish double-top pattern formation is still in place across the daily time frame.
The USDJPY pair is only bearish while trading below the 108.90 level, key support is found at the 107.60 and 106.50 levels.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 109.40 and 111.00 levels.