The US dollar remains under heavy selling pressure against the Japanese yen currency on Monday, as the sell-off on the US dollar index gathers pace. The USDJPY pair has tumbled below the 111.00 level and has so far found support from the 200-period moving average on the four-hour time frame. Sellers will target the 110.10 level, while buyers will look to move the price back above the 111.40 level.
The USDJPY pair is strongly intraday bearish while trading below the 111.00 level, key support is found at the 110.10 and 109.50 levels.
If the USDJPY pair moves above the 111.40 level, buyers may test towards the 112.20 and 112.80 levels.
