The US dollar has started to retreat lower towards the 110.00 level during the European trading session, as declining equity prices dampen risk-on trading sentiment. The USDJPY pair has so far managed to hold price above the key 110.03 level, as broad-based US dollar strength supports the pair on dips-lower. Traders continue to watch the 110.44 to 110.03 price-range on the USDJPY pair, and will likely get their intraday direction bias from the US dollar and US equity markets.
The USDJPY pair is only bullish while trading above the 110.03 level, key intraday technical resistance remains the 110.44 and 111.00 levels.
If the USDJPY pair does start to trade below the 110.03 level, we could expect to see price decline back towards the 109.80 and 109.39 support levels.
