USDJPY Heading lower

The US dollar continues to tumble towards the 103.00 level against the Japanese yen currency as the sell-off in the US dollar index gathers pace. A bearish head and shoulders pattern on the lower time frame will reach its downside target if the pair hits the 102.00 support level. Medium-term analysis is warning that the USDJPY pair could eventually fall towards the 101.00 area.

• The USDJPY pair is only bearish while trading below the 104.00 level, key support is found at the 103.50 and 102.00 levels. 

• The USDJPY pair is only bullish while trading above the 104.00 level, key resistance is found at the 104.55 and 105.00 levels.