The US dollar has continued to move lower against the Japanese yen currency during the European trading session as risk-off trading sentiment returns. A small bearish pattern is now in play on the four-hour time frame with a one hundred and fifty point downside projection. A much larger bearish pattern will also form if the USDJPY pair trades towards the 108.40 level.
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 109.00 level, key technical resistance is found at the 109.60 and 109.92 levels.
