The U.S dollar has moved to its lowest level against the Japanese Yen since November 2016, as the U.S dollar index falls across the board. So far, price has traded as low as 108.04, breaking past the former 2017 yearly price low, at 108.13.

Despite weaker than expected Japanese second quarter GDP data, the USDJPY pair has continued to weaken, with price-action printing further bearish lower daily, weekly and monthly price lows.

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The U.S dollar index has now broken below its 20-period moving average on a 10-year time frame price chart, indicating further U.S dollar weakness ahead.

Key technical support below the key 108 level, is located at 107.70 and 107.30 with the 23.6 Fibonacci retracement level at 106.60.

To the upside, intraday USDJPY resistance is located at 108.28 and 108.60, with strong Fibonacci resistance at the 108.81. The weekly time frame, 5 period moving average, is also located at 109.05.

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