The US dollar has erased earlier gains against the Japanese yen, as global equity markets turn lower over growing concerns about emerging market economies. The USDJPY pair has been hurt by growing risk-off trading sentiment, as traders seek the safety of the Japanese yen. Selling pressure is likely to remain on the USDJPY pair while price continues to trade below the 111.10 level.
The USDJPY pair is bearish while trading below the 111.10 level, key support is found at the 110.90 and 110.55 levels.
If the USDJPY pair trades moves above the 111.10 level, buyers may once again test towards the 111.39 and 111.80 resistance levels.
