The US dollar has tumbled below 109.00 support level against the Japanese yen during the European trading session, as global equity market losses accelerate. The USDJPY pair is likely to target the important May 2018 trading low, at 108.10, given the increased technical selling. The MACD indicator on the daily time frame is also trending lower, signaling further downside ahead.
The USDJPY pair is strongly bearish while trading below the 109.25 level, key technical support is found at the 108.50 and 108.10 levels.
If USDJPY pair trades above the 109.00 level, buyers may test the 109.26 and 110.10 levels.
