The US dollar is starting to weaken against the Japanese yen currency, after repeated technical failure around the 111.00 resistance level. The USDJPY pair currently trades around the 110.80 region and faces a reversal lower if bulls fail to find traction above the 111.00 level soon. Sellers may now try to push price towards the 110.45 level, while buyers will try to maintain the USDJPY pair above the 111.00 level.
The USDJPY pair is turning intraday bearish while trading below the 111.00 level, further downside towards the 110.45 and 110.00 levels seems possible.
If the USDJPY pair moves above the 111.00 level, buyers will likely test towards the 111.41 and 112.00 resistance levels.
