Technical Analysis

USDJPY Targeting 107.29 Key Support Level

Typography

The U.S dollar has moved sharply lower against the Japanese yen currency during the European trading session, with the pair falling to its lowest trading level since September 2017. The USDJPY is currently trading around the 107.55 region, after finding interim technical support around the 107.40 level. Broad-based U.S dollar weakness is the major theme spreading through the foreign exchange markets on Tuesday, with sellers now looking towards the pairs five-month low located at the 107.29 level.

The USDJPY pair is strongly bearish while price-action trades below the 108.29 level, further selling towards 107.00 and 106.60 remains possible.

Should the USDJPY pair start to trade above the 108.29 level, key technical resistance is found at the 108.45 and 108.98 levels.

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