The US dollar is trading to the downside against the Japanese yen currency on Monday, following a broad-based correction lower in the value of the greenback. Traders should expect the recent weakness in the USD/JPY pair to continue while price trades below the 110.55 resistance level. A much larger bearish head and shoulders pattern may also be forming across the higher time frames.
The USDJPY pair is bearish while trading below the 110.55 level, key support is found at the 110.10 and 109.00 levels.
If the USDJPY pair trades above the 109.55 level, buyers are likely to test towards the 111.00 and 111.44 resistance levels.
