USDJPY turning lower
The US dollar is starting to trade below the 106.00 level against the Japanese yen currency, following another heavy sell-off in the US equity market. Continued weakness under the 105.80 level may start to accelerate losses in the USDJPY pair towards the 104.70 area. Overall, the risk of protracted decline below the former monthly price low is growing while stocks are in bearish mode.
The USDJPY pair is only bullish while trading above the 106.40 level, key resistance is found at the 106.70 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.40 level, key support is found at the 105.80 and 104.70 levels.