The US dollar is once turning lower against the Japanese yen currency after the recent rally in the pair found strong resistance from the 110.00 level. If sellers can move price back under the 109.66 level technical selling in the USDJPY pair is likely to increase. Technical indicators on the four-hour time frame have now corrected back to neutral and are ready for the next directional move.
The USDJPY pair is only bearish while trading below the 109.66 level, key support is found at the 109.00 and 108.40 levels.
If the USDJPY pair holds above the 109.66 level, key intraday resistance is found at the 110.00 and 110.20 levels.
