The US dollar continues to decline against the Japanese yen, hitting 112.39 in early Friday trading, as the US dollar index comes under pressure, due to risk-off trading sentiment. The USDJPY pair currently trades around the 112.50 level heading into the US session, as investors flock to perceived safe haven assets, benefitting the Japanese yen currency. Geopolitical and U.S political woes are helping to drive global equities and the US dollar index lower as the trading week comes to a close.
The USDJPY pair remains strongly bearish while trading below the 112.94 level. Further declines towards the 112.28 and 111.89 technical levels should be expected.
Should USDJPY price-action trade above the 112.94 level, further upside towards the 113.24 resistance level seem possible.
