The US dollar has fallen to a new monthly trading low against the Japanese yen currency after the FOMC meeting minutes showed that US policymakers remained dovish towards interest rates. The USDJPY briefly traded below the 110.90 support level, with a sustained price close now needed to turn the weekly sentiment towards the pair bearish. Technical indicators on the daily time frame suggest that the USDJPY pair can still trade lower over the medium-term.
If the USDJPY pair trades below the 110.90 level, sellers may test towards the 110.65 and 110.40 levels.
If the USDJPY pair trades above the 110.90, key intraday resistance is found at the 111.10 and 111.30 levels.
