The USDJPY pair has moved back towards the price-lows of 2018, following U.S dollar index weakness, with the greenback dropping back below the 89.00 support level. The USDJPY pair currently trades around the 108.20 level after earlier breaking under the key 108.45 support level. Sellers are now looking to the 108.00 level as the next major technical region, with downside pressures likely to remain on the pair whilst the U.S dollar index trades well below the 89.00 technical level.
The USDJPY pair remains intraday bearish while price-action trades below the 108.29 level, further downside towards 108.00 and 107.84 levels may occur.
Should the USDJPY pair start to trade above the 108.29 level for an extended period, we may see a upside correction back towards the 108.45 and 108.98 levels.
