USDJPY UNDER FURTHER SELLING PRESSURE

The USDJPY pair has continued to slip lower during the European trading session, hitting 110.62, and moving to the lowest trading level for the USDJPY since June 16th, 2017.

At present, the pair is testing above and below critical support, found at the 110.63 level, which represents the monthly time frame 20 period moving average.  

A series of higher time frame price close below the level should accelerate USDJPY losses towards the weekly time frame 50 period moving average, at 110.23.

Below the 110 level, the 50 percent Fibonacci retracement of the 118.66 price high to the 101.18 price low, comes in at 109.90.

Near bye USJPY resistance is found at the M5 time frame, 50 period moving average, at 110.95. Once back above the 111 level, the 100 week moving average comes into focus again, at 111.22.