The US dollar has failed to stage a meaningful rally against the Japanese yen, after the pair was strongly rejected from the 110.50 technical area. The USDJPY pair has breached the crucial 109.90 support level and may move to test the 109.35 technical area. Overall, the USDJPY pair is at risk of more severe losses towards the 108.00 level while price trades below the 109.90 level.
The USDJPY pair is only bearish while trading below the 110.30 level, key support is found at the 109.35 and 108.40 levels.
The USDJPY pair is only bullish while trading above the 110.30 level, key resistance is found at the 110.70 and 111.50 levels.
