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.