The US dollar is under heavy downside pressure against the Japanese yen currency as risk-off trading sentiment remains at an elevated level. Short-term technical analysis currently shows that the USDJPY pair could fall towards the 109.00 support level before recovery. Bearish MACD price divergence is also starting to reverse across the lower time frames and extends down towards the 109.00 level.
The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.30 and 109.00 levels.
The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.20 and 111.00 levels.
