The US dollar is testing the pivotal 109.70 area against the Japanese currency as buyers struggle to overcome the 110.00 level. Market sentiment is bearish today as fears over the spread of the coronavirus are back at elevated levels. Caution is advised as the USDJPY pair could still rally towards the 111.00 level before moving lower.
The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.35 and 109.00 levels.
The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.20 and 111.00 levels.
