The U.S dollar has slipped sharply lower against the Japanese yen during the European trading session, after a bearish higher-time frame close below the 110.80 level. Price-action on the USDJPY currently trades around the 110.40 level, as sellers start to take control of the pairs intraday directional bias. The move lower in the pair was sparked by a reversal in stocks, and a minor bounce higher in the U.S dollar index. Traders now look to Manufacturing data coming from the United States, and the key 110.00 technical support level on the USDJPY pair.
USDJPY intraday sellers have now taken control of the pair below 110.80 level, downside targets remain 110.00 and 109.80.
Should USDJPY buyers push price-action back above the 110.80 level, strong resistance is then found at the 111.22 and 111.48 areas.
