The US dollar is starting to move lower against the US dollar, as bond yields fall, and US Consumer Price Inflation data was not as high as traders feared. The USDJPY could correct back towards the 108.00 level now that key support, at 108.70 has been broken. It should also be noted that the MACD indicator is showing large amount of negative price divergence towards the 107.30 level.
The USDJPY pair is only bullish while trading above the 108.70 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is only bearish while trading below the 108.70 level, key support is found at the 108.00 and 107.30 levels.
