The US dollar is still trading below major weekly support against the Japanese yen despite a strong move higher in the value of the US dollar index. Sellers need to hold price below the 109.49 support level to trigger additional weakness in the USDJPY pair. Technical indicators across the four-hour time frame are starting to turn higher and yet to fully move away from oversold conditions.
The USDJPY pair is bearish while trading below the 110.00 level, key support is found at the 109.49 and 109.00 levels.
If the USDJPY pair trades above the 109.49 level, key intraday resistance is found at the 109.80 and 110.00 levels.
