The US dollar remains under selling pressure against the Japanese yen, as the greenback continues to retreat lower after yesterday’s weaker US CPI data. The USDJPY pair currently trades around the 109.30 level, with bearish pressure building while price trades below the key 109.39 level. Moving into the US session, traders look to the release of the Michigan Consumer Sentiment Index for the month of May.
The USDJPY pair is intraday bearish while trading below the key 109.39 level, support is found at the 109.00 and 108.64 levels.
If the USDJPY pair starts to move higher, key resistance is found at the 109.80 and 110.03 levels.
