USDJPY 109.20 possible
The US dollar is under pressure against the Japanese yen currency as the pair falls to a fresh monthly trading low this morning. Bearish MACD price divergence on the one-hour time frame is a warning of a coming drop towards the 109.20 support area. USDJPY bulls may look to buy the pair from the 109.20 to 109.00 area in expectation in coming rebound back above the 110.00 level.
The USDJPY pair is only bullish while trading above the 110.00 level, key resistance is found at the 110.40 and 110.80 levels.
The USDJPY pair is only bearish while trading below the 110.00 level, key support is found at the 109.20 and 109.00 levels.