The US dollar is under pressure against the Japanese yen currency as the greenback continues to slide after FED Chair Powell’s recent speech. The four-hour time frame shows that the USDJPY pair is trading inside a rising price channel between the 109.70 and 111.50 level. If sellers fail to breach the 109.70 level then a strong rebound towards the top of the channel could take place.
The USDJPY pair is only bullish while trading above the 110.20 level, key resistance is found at the 110.80 and 111.50 levels.
The USDJPY pair is only bearish while trading below the 110.20 level, key support is found at the 109.70 and 109.00 levels.
