The U.S dollar is moving towards the lowest levels of 2018 against the Japanese yen currency, as global trade war concerns help to underpin risk-off trading sentiment. The USDJPY pair is currently trading around the crucial 105.50 level, with sellers likely to target the pairs yearly price-low, at 105.22. Moving into the U.S session, USDJPY traders await further news on the Trump administrations latest plans to impose trade tariffs on Chinese exports.
The USDJPY pair is likely to encounter further intraday losses below the 105.50 level, key technical support is then found at the 105.22 and 104.64 levels
Should the USDJPY pair hold above the 105.50 support level, a technical correction back towards the 105.78 and 106.00 levels may occur.
