The US dollar has remained under selling pressure against the greenback during the European trading session as safe-haven asset classes come back into favor with investors. The one-hour time frame is showing a bearish head and shoulders pattern with a downside target close to the 107.00 support level. Corrective upside moves for the USDJPY pair towards the 109.80 level still cannot be ruled out.
The USDJPY pair is heavily bearish while trading below the 109.00 level, key support is found at the 108.40 and 107.70 levels.
If the USDJPY pair trades above the 109.60 level, key technical resistance is found at the 109.80 and 110.00 levels.
