The US dollar has opened early Monday trading under downside pressure against the Japanese yen after the pair suffered its softest weekly price close since January 2019. If USDJPY sellers can force the price below the 109.00 support level, the 108.40 level will then start to come into focus. USDJPY bulls need to move price above the 109.80 level to negate the heavily bearish sentiment surrounding the pair.
The USDJPY pair is heavily bearish while trading below the 109.00 level, key support is found at the 108.40 and 107.70 levels.
If the USDJPY pair trades above the 109.80 level, key intraday resistance is found at the 110.00 and 110.30 levels.
