The US dollar remains under heavy selling pressure against the Japanese yen, as worsening political relations between the United States and Turkey have sent financial markets into risk-off mode. Selling pressure is expected to remain on the USDJPY pair while price trades below the 111.00 level, traders should also a potential bearish head and shoulders pattern forming across the higher time frames.
The USDJPY pair is bearish while trading below the 111.00 level, key support is found at the 110.55 and 110.10 levels.
If the USDJPY pair trades above the 111.00 level, buyers will likely test towards the 111.20 and 111.37 resistance levels.
