USDJPY looking lower

The US dollar remains under pressure against the Japanese yen currency, as the ongoing sell-off in the greenback starts to intensify. Technical analysis on the higher time frames shows that the USDJPY pair could slide towards the 104.80 area before a meaningful recovery takes places. Overall, USDJPY bulls need to start to create higher highs and lower lows to encourage technical buying.

• The USDJPY pair is only bullish while trading above the 106.00 level, key resistance is found at the 106.40 and 107.00 levels.

• The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 105.30 and 104.80 levels.