The US dollar has fallen below the 109.00 level against the Japanese yen currency, as traders seek the safety of the yen currency amidst rising fears over the Italian economy. The USDJPY pair has fallen to a fresh monthly trading-low, as investors seek-out safe-haven currencies such as the Japanese yen and the Swiss franc. Further intraday losses remain likely for the USDJPY pair while risk-on trading sentiment stays at current elevated levels.
The USDJPY pair remains technically bearish while trading below the 109.00 level, further losses towards 108.18 and 107.85 levels seem possible.
If the USDJPY pair moves back above 109.00 level, we may see buyers moving price towards the 109.50 and 110.00 levels.
