The US dollar has fallen sharply lower against the Japanese yen, after reports surfaced that US President Donald Trump has asked US trade reps to identify two-hundred billion in Chinese goods that could have trade tariffs placed on them. The risk-sensitive USDJPY pair has tumbled well below 110.00 level, and risk deeper losses as risk-off trading sentiment increases. Traders now look towards a scheduled speech from Federal Reserve Chairman Jerome Powell and the US equity market open.
The USDJPY pair is bearish while trading below the 110.00 level, key technical support is found at the 109.00 and 108.63 levels.
If the USDJPY pair moves above the 110.00 level, key intraday resistance is found at the 110.28 and 110.48 levels.
