USDJPY MOVES BACK UNDER 110

The USDJPY has fallen below the key 110 level, following a series of dovish comments inside the FOMC meeting minutes. The pair has so far reached an intraday price low of 109.67, as the U.S dollar index comes under selling pressure.

The USDJPY pair is currently trading around the 109.90 level, with price struggling to regain the key 110 level. Traders will now look to jobs and manufacturing data from the U.S economy later today.

The USDJPY pair remains bearish on all-time frames, with price again falling to move above the 110.80 level, further encouraging technical selling.

To the downside, key intraday support is found at the weekly pivot point, at 109.62. The 109.42 swing low offers further support, as does the crucial 108.80 level.

To the upside, short term USDJPY resistance is found at the 109.93 and 110.06 levels. Further resistance is found at the H4 time frame, 100-period moving, at 110.37, whilst the calculated daily pivot point comes in at 110.56.