The US dollar is starting to come under technical selling against the Japanese yen currency after buyers failed to hold the price above the 111.00 resistance level. If sellers move price below the pivotal 110.40 level, the USDJPY pair may weaken towards the 109.60 support level. The MACD indicator on the four-hour time frame is also signaling further losses ahead for the USDJPY pair.
The USDJPY pair is bearish while trading below the 110.40 level, key technical support is found at the 110.10 and 109.60 levels.
If the USDJPY pair trades above the 110.40 level, buyers may test towards the 110.80 and 111.12 resistance levels.
