USDJPY FALLS BELOW THE PSYCHOLOGICAL 110 LEVEL

The USDJPY pair has moved below the psychological 110 level in the European session, finding support at the H1 100 period moving average at 109.88.

At present the Dollar Index is falling, with Global Stock Markets down across the board, these factors are contributing to a weaker USDJPY on Monday, as traders await the Federal Reserve interest rate decision on Wednesday.

Short-term indicators suggest the pair remains bearish whilst trading below 110.15 resistance, with the June 9th low at 110.81 becoming critical downside support.

Further bearish pressure remains increasingly likely for USDJPY whilst trading below the weekly calculated pivot point at 110.09.

Longer term, further support is located at the June 8th price low at 109.38, and then at the weekly time frame 50 period moving average at 109.11.